HMRC has updated its guidance to extra statutory concessions.
The concessions are listed separately for matters that were handled by the Inland Revenue and HM Customs and Excise prior to the merger in 2005.
A concession is ‘a relaxation which gives taxpayers a reduction in tax liability to which they would not be entitled under the strict letter of the law,’ HMRC says.
The concessions are of general application, but in a particular case there may be special circumstances ‘which will need to be taken into account in considering the application of the concession’.
A concession will not be given where an attempt is made ‘to use it for tax avoidance’.
HMRC has updated its guidance to extra statutory concessions.
The concessions are listed separately for matters that were handled by the Inland Revenue and HM Customs and Excise prior to the merger in 2005.
A concession is ‘a relaxation which gives taxpayers a reduction in tax liability to which they would not be entitled under the strict letter of the law,’ HMRC says.
The concessions are of general application, but in a particular case there may be special circumstances ‘which will need to be taken into account in considering the application of the concession’.
A concession will not be given where an attempt is made ‘to use it for tax avoidance’.
