Weekly tax highlights ― 21 June 2021

Produced by Tolley
Weekly tax highlights ― 21 June 2021

The following Owner-Managed Businesses guidance note Produced by Tolley provides comprehensive and up to date tax information covering:

  • Weekly tax highlights ― 21 June 2021
  • Direct taxes
  • HMRC coronavirus job retention scheme guidance updates
  • Capital taxation and tax-exempt heritage assets
  • Spotlight 58: disguised remuneration: tax avoidance using unfunded pension arrangements
  • The corporation tax (carry back of losses: temporary extension) regulations 2021
  • Compliance checks: general anti-abuse rule and notices of binding
  • Agent Update: issue 85
  • Indirect taxes
  • VAT liability of day care services supplied by private bodies in England and Wales
  • More...

Weekly tax highlights ― 21 June 2021

Direct taxes

HMRC coronavirus job retention scheme guidance updates

HMRC has updated its guidance with information about the changes to the coronavirus job retention scheme (CJRS) from 1 July 2021 and claims for furlough days in June 2021.

From 1 July 2021, the Government will pay 70% of wages up to a maximum cap of £2187.50 for the hours the employee is on furlough.

Employers will top up employees’ wages to make sure they receive 80% of wages (up to £2,500) in total for the hours the employee is on furlough. The caps are proportional to the hours not worked.

Claims for furlough days in June 2021 must be made by 14 July 2021.

Capital taxation and tax-exempt heritage assets

HMRC has updated its guidance on the Conditional Exemption Tax incentive scheme to deal with variations to the scheme arising from issues related to the coronavirus (COVID-19) pandemic.

The Conditional Exemption Tax incentive scheme provides exemption from inheritance and capital gains tax on the transfer of national heritage property provided certain conditions are met.

HMRC has amended its guidance so that it will not consider that the owner has broken its agreement with HMRC if the owner of the property closes it or delays its opening until 1 August 2021 ― previously this easement had been expected to expire in July.

Until 1 August 2021, HMRC will not consider the agreement to have been broken if the national heritage property owner cannot provide reasonable public access to their property when following guidance on social distancing. HMRC will consider temporary adjustments to the agreement on an individual basis, such as limiting visitor numbers or closing rooms.

HMRC will also not consider an agreement broken if, due to the property not being open to the public for some of its usual days before 1 August 2021, the property is not open for the full number of days required or the property does not open at all in 2021.

The changes also apply

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