Finance Bill 2019-20 measures effective from 11 July or earlier

Below are some notes on Finance Bill 2019/20 measures that took effect from 1 or 24 January 2019 or 11 July 2019. For a further discussion of the implication of these or any other Finance Bill 2019/20 measures, please get...

Share loss relief – evidence of issue of shares

Share Loss Relief allows capital losses which arise in respect of shares to be set against a person’s income providing certain conditions are met. HMRC’s detailed guidance is at VCM70000. A key feature is that, in order for a loss...

NAO’s winter of discontent over HMRC tax relief administration should not threaten reliefs

Some have greeted National Audit Office (NAO) report “The effective management of tax reliefs”, issued on 21 November as if it creates a threat to certain tax reliefs, including entrepreneurs’ relief (ER) from capital gains tax (CGT). That is not...

Tribunal resurrects executors’ negligible value claim

The First Tier Tribunal (FTT) has ruled that executors of a deceased’s estate can claim capital losses on deemed disposals of ·         assets whose value has become negligible (TCGA 1992 s 24(2)); and ·         loans that have become irrecoverable (TCGA...