This form of capital gains tax relief was launched in the 2016 Spring Budget as an extension of entrepreneurs’ relief (ER). It allows the investor to qualify for the 10% rate of CGT on the disposal of unquoted shares, like ER. The lifetime cap for the amount of gains which can be covered by investors’ relief is £10 million, the same as, but in addition to the lifetime cap for ER.
News & Updates
Employment Expenses
In our newsletter on 15 June 2017 we outlined the new rules concerning the valuation of benefits provided by way of a salary sacrifice, which apply from 6 April 2017. HMRC refer to these arrangements as operational remuneration arrangements (OpRA).
Trusts
Registration
As we explained in our newsletter on 15 June 2017, the form 41G(trusts) was withdrawn on 1 May. To inform HMRC of a new trust or estate for tax purposes you need to use the online registration service.
Car or Van
When an employee is provided with a vehicle to use for business and private journeys, the taxable benefit will vary enormously where vehicle is classified as a goods vehicle (a van) as opposed to non-goods vehicle – i.e. a car.
New £1,000 Allowances
The second Finance Bill for 2017 is on its way through Parliament, and it’s expected to be passed by Christmas. This Bill contains almost all the provisions which were cut out of the first Finance Bill 2017 before the General Election, including the provisions for £1,000 annual allowances for property and sundry income.
HMRC Communications
Scams and surveys
We have often alerted you to scams which purport to be communications from HMRC, but are actually criminals trying to access bank accounts or the login details of taxpayers or their agents.