Specialist Tax Regulatory Materials
HM聽Treasury聽has made a further Treasury Direction setting out the functions of HMRC for payments under the coronavirus (COVID-19) support scheme for working households receiving聽tax聽credits.
Jurisdiction(s): England, Northern Ireland, Scotland and Wales
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).
Carried-forward losses restrictionOverview of the carried-forward loss restrictionAn important restriction in the use of losses carried forward was introduced by Finance (No 2) Act 2017. Subject to a de minimis of 拢5m (known as the deductions allowance), most carried-forward losses are restricted to
What are connected companies for loan relationship purposes 鈥� practical approachBrief overview of the rulesThe loan relationships legislation applies to any 鈥榤oney debt鈥� arising from the lending of money entered into by a company, either as a lender or borrower. The rules are contained in CTA 2009,
