HMRC publishes extra guidance on lifetime allowance abolition
[ad_1] HMRC has published additional guidance for pension scheme administrators on a range of issues, including the abolition of the lifetime allowance. HMRC provides further guidance on the abolition of the lifetime allowance (LTA) in the latest issues of the pension schemes newsletter. This includes answers to more frequently asked questions (FAQs). HMRC has circulated […]
New HMRC guidance on R&D tax relief
[ad_1] HMRC has published additional and updated guidance on the new regime for R&D tax relief. The new regime is discussed in the Tax Faculty’s latest podcast. ICAEW’s Tax Faculty is recognised internationally as a leading authority and source of expertise on taxation. The faculty is the voice of tax for ICAEW, responsible for all […]
New guidance on applying for help with paying IHT
[ad_1] HMRC has published guidance on applying for a grant on credit and on recent updates to tax rules and processes relevant to trusts and estates. It is possible to apply to HMRC for a grant on credit where a person is unable to raise the funds to pay inheritance tax (IHT) before probate. If […]
New R&D tax relief guidance ‘could be clearer’
[ad_1] ICAEW has identified areas of improvement for HMRC’s draft guidance on the new rules for research and development tax relief. ICAEW’s Tax Faculty has responded to HMRC’s consultation on its draft guidance for aspects of the new research and development (R&D) tax relief rules. The new rules apply to the ‘merged scheme’, which comes into […]
Cryptoassets: new ICAEW guidance and government consultation
[ad_1] ICAEW’s Tax Faculty has published two TAXguides on the taxation of cryptocurrency. The government is consulting on the implementation of the Cryptoasset Reporting Framework. Cryptocurrency is a form of cryptoasset that makes use of a distributed ledger technology called blockchain. There are no specific UK tax rules for cryptocurrency, so existing provisions are applied to […]
More guidance released on lifetime allowance abolition
[ad_1] HMRC has responded to feedback on the abolition of the pension lifetime allowance rules. Detailed guidance has been published and amendments will be made to the legislation, effective from 6 April 2024. HMRC’s latest Lifetime allowance guidance newsletter contains further guidance on the implications of the pensions lifetime allowance abolition. The guidance includes 38 […]
HMRC publishes more guidance on pensions lifetime allowance
[ad_1] HMRC’s latest lifetime allowance guidance newsletter includes FAQs and more information on transitional tax-free amount certificates. If this article is supporting your professional development, it can count towards your verifiable CPD hours. Use the pop up at the bottom right corner of your screen to add reading this article as an activity to your […]
HMRC consults on guidance for R&D tax reliefs
[ad_1] HMRC has published draft guidance for consultation on R&D tax reliefs for overseas expenditure and contracted-out R&D. If this article is supporting your professional development, it can count towards your verifiable CPD hours. Use the pop up at the bottom right corner of your screen to add reading this article as an activity to […]
Pensions lifetime allowance guidance newsletter
[ad_1] HMRC has released its December 2023 newsletter, which addresses several aspects connected to the abolition of the pensions lifetime allowance. While the lifetime allowance (LTA) charge has not been in effect since 6 April 2023, legislation in Sch 9, Finance Bill 2023-24 will formally abolish the charge. HMRC’s newsletter summarises some of the changes […]
Expanded guidance on taxation of woodlands
[ad_1] HMRC has reviewed and expanded its tax guidance for owners of woodlands. Owners may qualify for certain tax reliefs or exemptions from certain taxes, depending on the type and use of the woodlands. The updated online guidance features new sections addressing the tax treatment of different types of woodland, including commercial woodlands, amenity woodlands […]