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Capital allowances

Asset types

Main entry

Computational issues

Businesses using the cash basis

Disposal of asset on which capital allowances could be claimed

Inclusion in group relief calculation

Interaction with capital goods scheme

Long period of account

Loss on sale of building where capital allowances previously given

Plant and machinery and management expenses

Used to create a loss

International issues

Overseas property

Transfer of UK trade in no gain/no loss disposal

Transfer pricing

Specific situations

Assets used by a partner

Implications of employment/self-employment

Interaction with lease premiums

Late amendment of return

Plant and machinery used in a dwelling house

Rent factoring

Reverse premiums

Used in an employment

Capital gains

Administration

Annual exemption

Disclosure rules

Double tax relief

Due date for payment

Non-residents disposing of UK residential property

Rates of tax

Returns

Returns

Self-assessment

Tax liability

General principles

Allowable expenditure

Basic computation

CGT and overseas trusts

CGT and trusts

CGT losses

Disposal proceeds

Excluded expenditure

Exempt assets

Location of assets

Location of assets

Overview

Reliefs

Chattel relief

Enterprise investment scheme

Entrepreneurs' relief

Gift relief

Incorporation relief

Investors' relief

Principal private residence relief

Rollover relief

Seed enterprise investment scheme

Venture capital trusts

Specific types of asset

Assets where capital allowances could be claimed

Debts and loans

Know-how

Land and interests in land

Leases of land

Negligible value assets

Part disposals of land

Partnership assets

Plant and machinery under a long funding lease

Reorganisations

Shares and securities

Wasting assets

Wasting assets

Specific types of disposal

Capital sums derived from assets

Compensation receipts

Connected persons

Death

Gifts

No gain/no loss disposals

Options

Overview

Part disposals

Value shifting

Capital goods scheme

Capital allowances

Annual investment allowance

Business premises renovation allowance

Effect of adjustments

Research and development allowances

VAT

Ineligibility for flat rate scheme

Main entry

Partial exemption

Records to be retained

Supplies unaffected by the option to tax

Car

Capital allowances

Cessation of car hire trade

Emissions level over 160g/km

Exclusion from annual investment allowance

Exclusion from long life asset rules

Exclusion from short life asset rules

Expensive cars

Leased to third party

Low emissions levels

Unavailability where private car used by employee

Capital gains tax

Whether chargeable asset

Computation

Deductibility of payments made in relation to a leased car

Corporation tax

Expensive leased car and intangible assets code

Whether lease payments deductible as management expenses

Income tax

Benefit in kind - main entry

Mileage allowance for use of employee's own vehicle

Provision by employer to employee

Provision of fuel

Treatment for calculating £8,500 threshold

Whether car phone exempt as a BIK

PAYE and NIC

P46(car) and company car supplied to employee

VAT

Acquisition of new means of transport

Acquisition of second-hand car from another EU member state

Availability of input tax deduction

Child car seat taxable at reduced rate

Disposal for no consideration

Excluded from global accounting unless broken up as scrap

Export

Flat rate scheme

Import of second-hand car

Letting on hire for less than full consideration

Provision of parking spaces and rate of VAT

Self-supply

Treatment of second-hand cars

Whether invoice required as evidence for input tax claim for car parking

Work carried out on goods for export

Cash basis

Capital allowances

Entering and leaving the cash basis

Property income

Mandatory use of cash basis

Restriction on interest deduction for cash basis taxpayers

Trading income

Allowable expenses

Computation

Eligibility

Entering and leaving the scheme

Excluded persons

Introduction of the scheme

Losses

Taxable receipts

Chargeable gains

General principles

Anti-avoidance

Assets held on 6 April 1965

Change of residence

Depreciatory transactions

Disincorporation relief

Disposal of asset subject to heldover gain

Dividend stripping

Indexation allowance

Liquidation

Main entry

Manipulation of capital losses

No gain/no loss disposals

Non-resident company disposing of UK land

Overview

Rebasing

Shares and securities

Specific transactions

Stock appropriations

Utilisation of capital losses

Issues involving groups

Assets transferred between group companies

Group liability for tax of group members

Pre-entry gains/losses

Rollover and holdover reliefs within a 75% group

Substantial shareholding provisions

Transfers of trading stock between two group companies

Specific situations

Allocation in relation to long period of account

Buy back of shares

Corporate venturing scheme

Transfer pricing

Trusts

Overseas trusts

Trusts

Charitable donations

Computation

Whether deductible expenditure

Corporation tax

Contributions to grassroots sport

Humanitarian purposes

Inclusion in group relief calculation

Relief - main entry

Income tax

Excluded from being qualifying annual payments

Gift Aid

Payroll giving

Inheritance tax

Gifts to charities

PAYE and NIC

Payroll giving and NIC

Trusts

Tainted donations

VAT

Whether consideration for a supply

Charities

Capital gains tax

Assets gifted to

Exemption

No gain/no loss disposals

Charitable trusts

10-year charge on chargeable trusts

CGT

Definition

Distributions/interest paid to

Exit charge from chargeable trusts

Gift by UK resident trustees excluded from income of settlor

Gifts and holdover relief

IHT

Income tax - main entry

Lottery proceeds

Profits from a trade

Trustees disposing of trust property

Computation

Deductibility of charitable donations

Employment costs of staff sent on secondment to charity

Corporation tax

Supplementary pages to CT600

Harmonisation

Election that income tax repayment should be given to charity

Income tax

Directors of and job related accommodation

Gift Aid

Gifts of land/shares to and calculation of taxable income

Payroll giving

Inheritance tax

Exemption and national heritage property

Exemption from apportionment for transfer by close company

Gift with reservation of benefit

Gifts and exempt transfers

Reduced rate of tax where proportion of estate is left to charity

Related property

Transfers on death

Stamp taxes

Compulsory adjudication of transfer for stamp duty

Exemption from SDLT

Requirement to submit further SDLT return

Whether exempt transferee for purposes of SDRT

Whether exempt transferee for purposes of stamp duty

VAT

Buildings used by and change of use

Buildings used by and option to tax

Charitable use of building and capital goods scheme

Goods exported by

Relevant charitable buildings

Supplies by/to

Supply of power to

Charities (AFR)

VAT

Supplies by/to

Supply of power to

Children

Childcare

Child tax credit

Childcare and workplace nurseries

Foster carers

Impact of childcare on calculation of working tax credit

NIC treatment of foster carers

Responsibilities and NIC

Vouchers, inclusion for earnings for NIC

Income tax

Benefit provided

Child trust funds

Child trust funds

Entitlement to personal allowance

High income child benefit charge

Income derived from parents

Junior ISA

Remittance basis charge

Travel expenses

Inheritance tax

Transfer of value - expenditure for family maintenance

Stamp duty land tax

Children's homes excluded from residential accommodation for SDLT

Trusts

Definition for purposes of accumulation and maintenance trusts

Definition of dependent child where interest retained by settlor

Payments to unmarried minor children of settlor and income tax

Trusts for relevant/bereaved minors

Trusts for young people and income tax

Vulnerable trusts and CGT

Vulnerable trusts and income tax

VAT

Items which are zero-rated supplies

Whether car seat a reduced-rated supply

Close companies

General principles

Benefit in kind provided by close company

Close investment holding companies

Companies which cannot be close

Control

Definition

Director

Loans to participators

Main entry

Participator

Specific situations

Company share option plans

EMI scheme

Fall in value relief relating to shares in a close company

IHT anti-avoidance rules

Ineligibility as VCT

Late paid interest - loan relationships

Loan provided as a benefit

Loan to acquire an interest in a close company

Payment of capital sum treated as income of settlor

Remittance basis

Supplementary pages to CT600

Taxation of spouses/civil partners

Termination of an interest in possession trust

Transactions in securities

Transactions in securities

Community investment tax relief

Income tax

Administration

Conditions for relief

Definition

Main entry

Obtaining relief

Withdrawal of relief

Company (Tax)

Associated companies

Computation of corporation tax liability

Distributions

Employee share schemes

Transfers between associated companies and SDLT

Transfers between associated companies and stamp duty

General principles

Basic computation

Basis of chargeable profits

Calculating the liability to corporation tax

Charge to corporation tax

Chargeable profits

Income tax deducted at source

Residence

Specific situations

Acquisition of company and relief from stamp duty

Agricultural property relief

Corporate partner in a partnership

Corporate purchaser and consideration for SDLT

Investment businesses

Miscellaneous income

Personal and managed service companies

Treatment of tax deducted from corporate subcontractor under CIS

VAT incurred pre-incorporation

Company type (Company law)

Changing status

Main entry

Private limited to unlimited

Compensation and damages

Capital allowances

Treatment of disposal proceeds

Capital gains tax

Confiscated/expropriated/destroyed assets

Damage, loss or destruction of assets

Mis-sold pensions

Professional or personal injury

Received in respect of compulsory purchase of land

Computation

Capital or revenue receipt

Payment to director for loss of office

Corporation tax

Indexation allowance

Income tax and PAYE/NIC

Damages and termination payments

General tax treatment

Inclusion as earnings for NIC

Mis-sold pensions

Payment for defective work and cessation of trade

Payments for compulsory slaughter of animals

Payments made to farmers

Received as employment income

Unclaimed accounts opened by Holocaust victims

Inheritance tax

Dormant bank accounts and other Second World War claims relating to Holocaust victims

Valuation of land for fall in value relief

Trusts

Professional compensation fund and 10-year charge on chargeable trusts

VAT

Payment by landlord to tenant

Whether consideration for supply

Connected persons (Tax)

Associate

Approved company share option plans

Close company

Share scheme rules

Share schemes generally

Capital allowances

Annual investment allowance

Change in ownership of trade

Flat conversion allowance

Leased assets

Patent rights

Plant and machinery

Short life assets

Special rate pool

Capital gains tax

CGT losses

Definition

Disposal consideration for capital gains

Disposal of debt to and CGT losses

EIS deferral relief

Gains on partnership assets

Impact on gift relief

Incorporation relief

No gain/no loss transactions

Transactions between spouses/civil partners

Computation

Transfer of stock on cessation of trade

Corporation tax

Buy back of shares

Change of ownership

Dividend stripping

Loan relationships

R and D expenditure

Relatives for close company purposes

Transfer pricing

Income tax

CITR

EIS

Employee share schemes

Gift Aid scheme

Pre-owned assets

Reverse premiums

Transactions in land

Inheritance tax

Definition

Expenditure without gratuitous intent

Participator

Alteration of close company capital

Benefit in kind

Close company

Definition for IHT purposes

Interest on tax relating to loan to participator

Loans to and CTSA obligations

Transfers from close companies

Stamp duty land tax

Consideration

Exchange of land

Linked transactions

Trusts

Loss relief on gift into trust

Tainted donations

VAT

Continuous supply of services

Debt assigned after bad debt relief claimed

Value of an acquisition

Construction industry scheme (CIS)

Computation

Interest paid in relation to late payments under the scheme

Income tax

Deemed earnings payment for personal service company/IR35

PAYE and NIC

Administration of the scheme

Contractors

Main entry

Payment to HMRC

Payments to subcontractors

Registration of contractor

Registration of subcontractor

Subcontractors

Summary

Treatment of tax deducted

Special situations

Group companies

Controlled foreign companies

Corporation tax

Apportioned profits and tax payments within groups

Calculation of ACT capacity

Calculation of apportionment

Control

CTSA obligations

Definition

Entity level exemptions

Gateway test

Taxation of apportioned profits

Transfer pricing

Corporate venturing scheme

Corporation tax

Chargeable gains implications

CTSA obligations

Information requirements

Overview

Withdrawal of relief

Current tax (AFR)

Group considerations

VAT

Value added tax

General principles

Use of small business VAT scheme

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Capital gains tax - Specific types of disposal - Other potential disposals - Value shifting - 48655

The value shifting provisions are anti-avoidance provisions which aim to prevent the value being shifted out of an asset before sale, resulting in an artificial loss on disposal. The provisions effectively...

Commentaries / Tax Memo • 06.07.2020