This guidance note looks at the specific gifts with reservation rules regarding:
agricultural and business property
substitutions and accretions
These additional rules are to be found in FA 1986, Sch 20.
It also considers the gift with reservation (GWR) consequences when a person redirects property he has inherited under an instrument of variation.
Special rules apply where a donor reserves a benefit in a gift which qualifies for BPR or APR. The availability of those reliefs depends on:
the character of the property given
the nature and extent of the ownership
the duration of ownership and occupation
All the relevant conditions are set out in the Agricultural property relief (APR) and BPR overview guidance notes.
Where a donor makes a gift which qualifies for APR or BPR, and he reserves a benefit in it, it will be necessary to determine whether the property still qualifies for APR or BPR when
Associated companies 鈥� from 1 April 2023Implications of associated companiesFrom 1 April 2023, the rate of corporation tax that a company is subject to depends on the level of its augmented profits. The rate of tax is based on a comparison of the company鈥檚 augmented profits against the corporation
Payment of tax due under self assessmentNormal due dateIndividuals are usually required to pay any outstanding income tax, Class 2 and Class 4 national insurance, and capital gains tax due for the tax year by 31 January following the end of the tax year (ie 31 January 2025 for the 2023/24 tax year).
Transferable tax allowance (also known as the marriage allowance)What is the transferable tax allowance (marriage allowance)?From 6 April 2015, an individual can elect to transfer 10% of the personal allowance (拢1,260) to the spouse or civil partner where neither party is a higher rate or additional