From 1 April 2024, personal representatives seeking to obtain probate will no longer need to seek a commercial loan to pay Inheritance Tax, before applying to HMRC for a grant on credit.
SME Tax News
Missed our SME Tax Web-updates in March? Here is a summary of the month.
Hello,
This week we have summarised the highlights of the new Agent Update for you. It has been a relatively quiet week leading up to the end of the month with many changes from 1 April/6 April announced well in advance.
A fund formed to exploit intellectual property rights via special purpose vehicles was found by the Upper Tribunal (UT) to be a 'party' to the arrangements aimed at securing its investors' SEIS relief in one such company. This had the knock-on effect of creating disqualifying arrangements in the underlying SEIS company.
HMRC published Agent Update 118 on 20 March 2024. This is our summary of the highlights in direct and indirect tax announcements affecting for SME owners and advisers.
An agreement involving an option which allowed a company to purchase a £9.3 million property in two stages and advantaging the seller too, fell foul of both SDLT and ATED relief as the option was not ‘acquired exclusively’ for re-development as claimed.
Distributions in specie made from a share premium account were confirmed by the Upper Tribunal to be income distributions and not capital. The UT considered if the payments by a non-resident company satisfied the definition of a dividend for the purpose of English law.
In the March Agent Update HMRC has introduced GOV.UK One Login as a new way of signing into government services.