Welsh government consults on LTT multiple dwellings relief
[ad_1] The Welsh government is consulting on several changes to land transaction tax, including the abolition of multiple dwellings relief. The Welsh government has published a consultation seeking views on possible changes to the rules for land transaction tax (LTT). LTT may be charged where a person buys an interest in land in Wales. LTT […]
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 […]
HMRC corrects advice given on tax relief for boiler repairs
[ad_1] In 2023, HMRC issued a letter stating that boiler upgrades did not constitute a repair. However, HMRC is now contacting affected taxpayers acknowledging that this advice was incorrect. HMRC is set to issue a correction letter to wealthy taxpayers and their agents who received a letter from HMRC about property income and repairs in 2023. […]
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[ad_1] ICAEW has identified areas of improvement for HMRC’s draft guidance on the new rules for research and development tax relief. ICAEW’s Tax Faculty has responded to HMRC’s consultation on its draft guidance for aspects of the new research and development (R&D) tax relief rules.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 […]
Changes ahead for agricultural property relief
[ad_1] Environmental land management and ecosystem service markets consultation outcome published, with updated legislation for changes to geographical scope of relief. In 2023, the government held a consultation and call for evidence on the taxation of environmental land management and ecosystem service markets. The consultation outcome, published alongside the Spring Budget 2024, highlights some key […]
New nomination section for some tax relief claims
[ad_1] The print and post claims for employment expenses and marriage allowance include a new nomination section from 26 February 2024. 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 […]
Consultation on loss relief changes for building societies
[ad_1] The government is consulting on draft secondary legislation that applies to transfers of business by building societies. 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 […]
Scotland: new LBTT relief and changes to the ADS
[ad_1] New relief for local authority purchases comes in from 1 April 2024, together with numerous changes to the additional dwelling supplement. 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 […]
LTT relief for Welsh freeports will be different
[ad_1] Welsh government consultation on land transaction tax (LTT) relief for special tax sites in freeports and investment zones highlights six differences compared to the stamp duty land tax (SDLT) relief in England. In March 2023, the Welsh and UK governments jointly announced the Celtic and Anglesey freeports. Welsh freeports are designed to provide tax […]
Update on audio-visual tax relief regime
[ad_1] Following a consultation and the publication of draft legislation in July 2023, the Autumn Statement confirmed that film, TV and video games tax reliefs will be reformed into refundable expenditure credits. Overview The audio visual expenditure credit (AVEC) will cover the film and TV tax reliefs. The video games expenditure credit (VGEC) will cover […]