HMRC have responded to requests by the ATT and CIOT for more guidance on compliance obligations which apply to all companies (regardless of size) looking to set off carried forward losses from April 2017.
The CIOT and ATT have considered FB 2018-19 consultative clause 15 Entrepreneurs’ Relief (company ceasing to be individual’s personal company, inserting new Chapter 3A in Part 5 TCGA 1992) and some aspects of the consultation response .
Following discussions between CIOT and HMRC, HMRC made some changes in July to their guidance on the application of the Distributions in a winding up targeted anti-avoidance rule (TAAR) in ITTOIA 2005 s396B.
The ATT and CIOT have recently responded to a consultation on how best to extend the tax relief available to individuals paying for their own work-related training who cannot obtain relief under current rules.
The CIOT and ATT have responded to the HMT and HMRC consultation on changes to Entrepreneurs’ Relief intended to ensure that entrepreneurs are not discouraged from seeking finance to enable their companies to grow.