Specialist Tax Regulatory Materials
20 June 2022 - This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.
Jurisdiction(s): England, Northern Ireland, Scotland and Wales
Group relief for carried-forward lossesThis guidance note examines in detail the relief available to groups for carried-forward losses. The scope excludes the treatment of specialist businesses such as banks, insurance companies and oil and gas companies.From 1 April 2017, companies can surrender
Trade or hobbyInteraction of hobby farming rules and commercialityFarming has its own set of 鈥榟obby farming rules鈥�, which historically have stated that a profit must be made every six years. This is known as 鈥榯he five-year rule鈥�, in that there can be five years of losses but there must be a profit
Capital allowances on carsSummary of capital allowances on carsThe current capital allowance rates applicable to cars are as follows:Pool typeDescription of carRateLegislationMain rate poolNew and unused cars with CO2 emissions of 50g/km and below 18%CAA 2001, s 104AASecondhand cars with CO2
Autumn Budget 2024