HMRC has published the outcome to its consultation Legislating Extra Statutory Concession D33.
HMRC has published the outcome to its consultation Legislating Extra Statutory Concession D33. This was held during 2014 on legislation to replace extra statutory concession (ESC) D33, and found that most respondents opposed the main proposal to cap the CGT exemption for sums received as compensation at a maximum of £1m. Consequently, HMRC will be holding further discussions before proceeding with legislation.
ESC D33 covers a number of circumstances where a capital sum is received from a right of action. It was amended in January 2014 so that only the first £500,000 of a capital sum where there is no underlying asset was exempt, and exemption for amounts in excess of this had to be made in writing to HMRC. See www.bit.ly/1qwK7fX.
HMRC has published the outcome to its consultation Legislating Extra Statutory Concession D33.
HMRC has published the outcome to its consultation Legislating Extra Statutory Concession D33. This was held during 2014 on legislation to replace extra statutory concession (ESC) D33, and found that most respondents opposed the main proposal to cap the CGT exemption for sums received as compensation at a maximum of £1m. Consequently, HMRC will be holding further discussions before proceeding with legislation.
ESC D33 covers a number of circumstances where a capital sum is received from a right of action. It was amended in January 2014 so that only the first £500,000 of a capital sum where there is no underlying asset was exempt, and exemption for amounts in excess of this had to be made in writing to HMRC. See www.bit.ly/1qwK7fX.
