Specialist Tax Regulatory Materials
HMRC has updated VAT Notice 700/17 with a new section on what a company must do if it is being wound up, and receives supplies for which it is liable for VAT.
Jurisdiction(s): England, Northern Ireland, Scotland and Wales
Substantial shareholding exemption 鈥� overviewThe substantial shareholdings exemption (SSE) provides a complete exemption from the liability to corporation tax on the gains generated from qualifying disposals of shares and interests in shares by qualifying companies. No claim is required. Provided
Simple assessmentsFrom 2016/17 onwards, HMRC has the power to make a 鈥榮imple assessment鈥� of the taxpayer鈥檚 income tax and / or capital gains tax liability outside of the self assessment system. As HMRC already receives significant amounts of information on the income received and tax paid by
Gilts鈥楪ilts鈥� are securities that are also known by a number of different names (eg gilt-edged securities, Government securities or treasury stock).The Government sells gilts to fund the deficit between public spending and tax receipts. Normally, the Government pays interest to the holder of the gilt
