The following Owner-Managed Businesses guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
The Office of Tax Simplification (OTS) has published its second report on its Capital Gains Tax Review which considers a range of key practical, technical and administrative capital gains tax issues.
The second report by the OTS covers a wide range of areas from moving home to getting divorced, running or investing in a business, and issues affecting land transactions. It also highlights a broader concern about the low level of public awareness of the tax, and the extent to which the administrative systems could do much more to support taxpayers. The report makes 14 recommendations, including the following:
integrating CGT into the single customer account
extending the reporting and payment deadline for the UK property tax return to 60 days
reviewing the practical implications of the private residence relief nominations
extending the period in which divorcing or separating couples can transfer assets between them at no gain / no loss
considering the CGT payment date where proceeds are deferred when a business is sold
HMRC has published Agent Update issue 84 (April–May 2021) providing a round-up of recent developments for tax agents and advisers.
This issue brings together the latest technical updates and reminders, including the following:
the latest updates to the coronavirus job retention scheme (CJRS) guidance, including the changes to furlough payment percentages from July–September 2021
changes to exports process for merchandise in baggage from 1 July 2021 ― this change only applies to customs handling of import and export freight (CHIEF) users
a reminder of the 6 July 2021 deadline for reporting expenses and benefits for the tax year ending 5 April 2021
updates to the guidance on the Trust Registration Service on the taxable trusts which are required to provide additional data
highlighting new guidance on the claims process for the temporary extended loss carry back measure for losses arising in accounting
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Why do we need to calculate these amounts?This guidance note sets out details of the initial calculations a group will need to undertake for the purposes of the corporate interest restriction (CIR) regime. For a general overview of the regime, see the Corporate interest restriction ― overview
The transactions in securities (TiS) legislation is anti-avoidance legislation aimed at situations where close company shareholders have engineered a disposal of shares to obtain a beneficial capital gains tax (CGT) rate, ie avoid income tax, on specified transactions.The targeted anti-avoidance
Terminal loss relief for trade losses in the final 12 monthsTrading losses incurred by a company in the final 12 months leading up to the discontinuance of trade may be carried back for up to three years from the period beginning immediately before that 12-month period. So if the final accounting
This note applies to transactions whilst the Great Britain was a member of the EU and during the transition period that ended on 31 December 2020. For information on Northern Ireland see the Northern Ireland topic. Triangulation is an EU simplification measure that was introduced in order to reduce
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