Agent Update February 2008 Issue four - Tax
Capital Gains Tax (CGT)
Capital Gains Tax – draft
legislation (PDF 124K)
View the draft legislation for the CGT reform announced in the 2007 Pre-Budget
report.
Capital Gains Tax – explanatory
notes (PDF 96K)
View the accompanying notes to the draft legislation.
‘Entrepreneurs’ relief’
– full details
View details of the Chancellor’s proposed new relief from CGT for
gains arising on the disposal of a business.
Capital Gains Tax & Corporation Tax
Capital Gains Tax and Corporation
Tax on chargeable gains
Find clarification of HMRC’s practice in relation to the treatment,
for capital gains purposes, of a contribution of an asset to a partnership.
Corporation Tax
Update to CFM20000
onwards provides securitisation guidance
New guidance on the taxation of securitisation companies is now available
via this update to HMRC Corporate Finance Manual (CFM) CFM20000 onwards.
Inheritance Tax
Interest rate change reflected in revised
form IHT210A (PDF 54K)
View the amended form following the 6 January change to the rate of interest.
Revised guidance notes for form
IHT205 (2006) (PDF 94K)
View the latest guidance notes.
Individual Savings Account (ISA)
PEP and ISA bulletin now published
This bulletin (produced for ISA Managers) includes in Appendix A details
of the new regime which commences 6 April 2008.
Money Laundering Regulations (MLR)
MLR regulations to apply to payroll agents
View details of Money Laundering Regulations for payroll agents not already
supervised by a designated professional body, and information on the 1
July 2008 administrative deadline.
Trust or Company Service Providers registration
deadline – 1 April 2008
View details of how Money Laundering Regulations apply to Trust or Company
Service Providers not supervised by the FSA or a designated professional
body, and information on the 1 April 2008 administrative deadline.
PAYE - Collection of Student Loans
Imminent changes to
Collection of Student Loans (CSL) – a reminder
Find out more about the April 2008 legislative changes which remove the
42-day time constraint. Employers will have to start making student loan
repayments on the ‘first available’ pay day following the
‘start date’ as printed on the SL1 notice.
VAT
Recent tribunals and court
cases incorporated into re-written VAT Finance guidance
View the updated VAT Finance guidance manual which is now in the new standardised
format for all HMRC guidance.
VAT
trade class codes overhauled
Find out how the recent major revision of trade class codes (effective
1 January 2008) affects VAT certificates and online registrations.
VAT treatment of insurance introductory
services
Read details of HMRC’s policy in relation to the VAT exemption for
insurance intermediary services, in particular for services provided via
the internet.
