Specialist Tax Statutory Instruments
These聽Regulations聽are made to designate areas, known as 鈥榮pecial聽tax聽sites鈥�, as聽special聽areas for聽the聽purposes of Parts 2 (plant and machinery allowances) and 2A (structures and buildings allowances) of聽the聽Capital Allowances Act 2001 and Part 4 (stamp duty land聽tax) of聽the聽Finance Act 2003.
Jurisdiction(s): England, Northern Ireland, Scotland and Wales
Trade or hobbyInteraction of hobby farming rules and commercialityFarming has its own set of 鈥榟obby farming rules鈥�, which historically have stated that a profit must be made every six years. This is known as 鈥榯he five-year rule鈥�, in that there can be five years of losses but there must be a profit
Payments to trust beneficiariesThis guidance note considers the trustees powers to make payments and whether the payment made is income or capital.This guidance note is designed to give outline and background for accountants and tax advisers who deal with clients establishing trusts. It is not
Overseas property businesses for companiesOverviewReal estate income is generally taxed where the property is located; the UK tax treaties generally allow the jurisdiction where the land is located to tax income from the land.Therefore, a UK company with overseas property may be subject to tax in
