Changes to HMRC manuals over the past week as curated by our editors.
Capital Gains Manual:CG56715 amended to reflect the repeal of the chargeable gains exemption in relation to employee shareholders shares acquired on or after 1 December 2016. The amendments clarify that the guidance there is only applicable where the shares were acquired before that date.
Company Taxation Manual:HMRC has updated CTM04960 which deals with group relief claims for accounting periods straddling 1 April 2017 (when rules relaxing the restrictions on carried-forward losses took effect). The amendment incorporates non-trading loan relationship credits into the example calculation.
Compliance Handbook Manual:CH62240 added on the further penalties due after 12 months for failure to file on time.
Corporate Finance Manual: New CFM32045–CTFM32048 added on the use of non-trading loan relationship deficits since 1 April 2017.
Corporate Intangibles Research and Development Manual:CIRD40350 amended on tax-neutral group transfers. A new section reflects the draft legislation published in July 2019 for inclusion in the next Finance Bill, which introduces a tax deferral option for transfers to group companies in EEA member states.
Inheritance Tax Manual:HMRC has updated the following paragraphs relating to succession:
Succession: contents IHTM12000
Succession: Summary IHTM12001
Succession: Wills: Construction of Wills: Rectification of Wills (Scotland) IHTM12057
Succession: Wills: Construction of Wills: Rectification of Wills (England & Wales) IHTM12056
Succession: Wills: Revocation of a Will: By subsequent Will or codicil (England & Wales, Northern Ireland) IHTM12072
Succession: Wills: Revocation of a Will: By subsequent Will or codicil (Scotland) IHTM12072A
Succession: Wills: Revocation of a Will: partial revocation (England, Wales and Northern Ireland) IHTM12075
Succession: Wills: Revocation of a Will: partial revocation (Scotland) IHTM12076
Succession: Wills: Legacies and devises: Vesting (Scotland) IHTM12085
Succession: Simultaneous deaths (commorientes): General law (Scotland) IHTM12193
Succession: Scottish Prior and Legal rights: Legal rights: Inheritance Tax practice on death IHTM12222
Succession: Simultaneous deaths (commorientes): IHT position IHTM12195
The extent of the share (Scotland): special destinations and proof of donation IHTM15050
The following paras relating to Succession have been archived:
Succession: Boxes 24 to 28 of the IHT400: Purpose of the questions IHTM12011
Succession: Information given at boxes 24 to 28 of the IHT400 IHTM12021 to IHTM12035
Investment Funds Manual:New section added on real estate investment trusts (REITs) and residual income at IFM24500–IFM24520
Stamp Duty Land Tax Manual:SDLTM50100 amended to clarify the changes to the rules for making SDLT returns from 1 March 2019. From 1 March 2019, a purchaser must make a SDLT return and pay tax due before the end of a period of 14 days beginning the day after the effective date of the transaction.
Changes to HMRC manuals over the past week as curated by our editors.
Capital Gains Manual:CG56715 amended to reflect the repeal of the chargeable gains exemption in relation to employee shareholders shares acquired on or after 1 December 2016. The amendments clarify that the guidance there is only applicable where the shares were acquired before that date.
Company Taxation Manual:HMRC has updated CTM04960 which deals with group relief claims for accounting periods straddling 1 April 2017 (when rules relaxing the restrictions on carried-forward losses took effect). The amendment incorporates non-trading loan relationship credits into the example calculation.
Compliance Handbook Manual:CH62240 added on the further penalties due after 12 months for failure to file on time.
Corporate Finance Manual: New CFM32045–CTFM32048 added on the use of non-trading loan relationship deficits since 1 April 2017.
Corporate Intangibles Research and Development Manual:CIRD40350 amended on tax-neutral group transfers. A new section reflects the draft legislation published in July 2019 for inclusion in the next Finance Bill, which introduces a tax deferral option for transfers to group companies in EEA member states.
Inheritance Tax Manual:HMRC has updated the following paragraphs relating to succession:
Succession: contents IHTM12000
Succession: Summary IHTM12001
Succession: Wills: Construction of Wills: Rectification of Wills (Scotland) IHTM12057
Succession: Wills: Construction of Wills: Rectification of Wills (England & Wales) IHTM12056
Succession: Wills: Revocation of a Will: By subsequent Will or codicil (England & Wales, Northern Ireland) IHTM12072
Succession: Wills: Revocation of a Will: By subsequent Will or codicil (Scotland) IHTM12072A
Succession: Wills: Revocation of a Will: partial revocation (England, Wales and Northern Ireland) IHTM12075
Succession: Wills: Revocation of a Will: partial revocation (Scotland) IHTM12076
Succession: Wills: Legacies and devises: Vesting (Scotland) IHTM12085
Succession: Simultaneous deaths (commorientes): General law (Scotland) IHTM12193
Succession: Scottish Prior and Legal rights: Legal rights: Inheritance Tax practice on death IHTM12222
Succession: Simultaneous deaths (commorientes): IHT position IHTM12195
The extent of the share (Scotland): special destinations and proof of donation IHTM15050
The following paras relating to Succession have been archived:
Succession: Boxes 24 to 28 of the IHT400: Purpose of the questions IHTM12011
Succession: Information given at boxes 24 to 28 of the IHT400 IHTM12021 to IHTM12035
Investment Funds Manual:New section added on real estate investment trusts (REITs) and residual income at IFM24500–IFM24520
Stamp Duty Land Tax Manual:SDLTM50100 amended to clarify the changes to the rules for making SDLT returns from 1 March 2019. From 1 March 2019, a purchaser must make a SDLT return and pay tax due before the end of a period of 14 days beginning the day after the effective date of the transaction.
