Specialist Tax Regulatory Materials
The Council of the European Union has formally requested the European Parliament鈥檚 consent to its decision on the conclusion of the EU-UK Trade and Cooperation Agreement (TCA), and associated agreements reached between the EU and UK at the end of the Brexit transition period. The European Parliament鈥檚 consent will pave the way for the Council鈥檚 adoption of the decision on the final conclusion of the agreements, marking the last steps in the EU鈥檚 ratification of the agreements and allowing their full entry into force. In the meantime, following its adoption, the TCA Partnership Council鈥檚 decision extending provisional application of the TCA until 30 April 2021 entered into force on 26 February 2021. The decision has been published in the Official Journal of the European Union (OJEU).
Jurisdiction(s): England, Northern Ireland, Scotland, Wales and European Union
Inter-spouse transferIntroductionWhen a chargeable asset is transferred between two spouses or civil partners, there is a disposal by the transferor spouse / civil partner and an acquisition by the transferee spouse / civil partner for capital gains tax purposes. For simplicity, spouses and civil
Payment of the remittance basis chargeRemittance basis chargeThe remittance basis charge is an annual charge payable by 鈥榣ong-term鈥� UK residents for the privilege of claiming the remittance basis.Taxpayers who wish to utilise the remittance basis (but do not qualify for it automatically) must pay
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
