The following Corporation Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
There are three main types of clearances available:
HMRC will usually respond within 30 days for statutory clearance applications and within 28 days for non-statutory clearances, though this can take longer in more complex cases. Companies and their advisers should note that it is possible for clearance to take much longer than the normal turnaround. Indeed, in ‘Delays ahead’ in Taxation, 4 March 2021, 18, Pete Miller discusses his own recent experience of delays in HMRC granting statutory clearance under TCGA 1992, s 138, sometimes even in the case of simple reconstructions. Advisers should be aware of the potential of encountering similar delays with HMRC and factor these into the relevant transaction timetable.
Statutory clearances are clearance procedures provided for in the legislation. There are a number of statutory clearances available. Some of these are dealt with regularly by tax advisers and so these are covered in more detail below.
**Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason.
Access this article and thousands of others like it free for 7 days with a trial of TolleyGuidance.
Read full article
Already a subscriber? Login
The supply of fuel and power is treated as a supply of goods for VAT purposes. Supplies are fuel and power are normally liable to VAT at the standard rate. However, providing certain conditions are satisfied, it is possible for suppliers to charge the reduced rate of VAT on certain supplies of fuel
‘Bed and breakfasting’ was the pre-1998 practice of selling shares and repurchasing them the following day. This technique can still be used in a modified form to achieve capital gains tax (CGT) savings for current or future tax years using:•a spouse / civil partner•a self-invested pension plan
IntroductionSubsistence is the amount incurred as a consequence of business travel. Typically it relates to accommodation and meal costs incurred. These amounts are allowed because they are associated with the necessary travel. See the Travel expenses guidance note for more information of when
The married couple’s allowance (MCA) is only available if one of the two spouses or civil partners was born before 6 April 1935. This means that one member of the couple must be at least 87 years old on 5 April 2022 to qualify for an allowance in the 2021/22 tax year.There is a distinction in the