Specialist Tax Regulatory Materials
7 February 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
Married couple鈥檚 allowanceThe married couple鈥檚 allowance (MCA) is only available if one of the two spouses or civil partners was born before 6 April 1935. This means that one member of the couple must be at least 89 years old on 5 April 2024 to qualify for an allowance in the 2023/24 tax year.There
First year allowancesFirst year allowances (FYAs) are available on the following items:鈥irst-year relief on qualifying new main rate plant and machinery (at 100%, which is described by HMRC as 鈥榝ull expensing鈥�) and special rate assets (at 50%) from 1 April 2023 (companies only). These FYAs were
Holding companies 鈥� VAT status of activitiesThis guidance note examines how to determine the VAT status of a holding company鈥檚 activities. In particular, it looks at:鈥hen a holding company is or is not in business鈥f a holding company is in business, whether its activities are exempt or taxableThe
