The following Personal Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
Many tax elections or claims for allowances can be submitted after the deadline for submitting the self assessment tax return has passed. See the Self assessment filing deadline guidance note.
The standard period for submitting claims or elections relating to income tax or capital gains tax is four years from the end of the tax year to which the claim or election relates.
A number of elections have a specific deadline of the first anniversary of 31 January following the tax year in which the relevant event took place (see below).
Several capital gains re-investment or roll-over reliefs require an acquisition to be made within a set period of a disposal, so you need to monitor both the deadline for making the election and the period for making the reinvestment. For more details, see the Roll-over relief for traders and Enterprise investment scheme deferral relief guidance notes.
The claims summarised in Table 1 ― claims which shou
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‘Hold-over’ relief allows for the deferral of a gain that would otherwise arise in relation to a disposal. No capital gains tax (CGT) is due in respect of the disposal, but the base cost of the asset for the transferee for the purpose of a future disposal is reduced by an amount equal to the gain
IntroductionUK tax must be withheld on UK payments including:•interest•royalties•rental incomeWithholding tax may be reduced under double tax treaties (DTT) or European directives, both of which may be subject to making a formal claim.This guidance note outlines the rules for UK withholding tax, and
This guidance note considers the capital gains tax implications where shares are sold in exchange for new shares.The consideration paid by a purchasing company to the shareholder(s) for their shares in a target company could be in the form of either:•new shares in the vendor in exchange for shares
Preparatory workBefore completing the Inheritance Tax account for submission to HMRC, the practitioner needs to undertake a comprehensive review of the extent of the estate and its proposed distribution. The work required leading up to the submission of the account is described in detail in the
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