Specialist Tax Statutory Instruments
These聽Regulations聽are made to bring certain provisions of聽the聽Economic聽Crime聽and聽Corporate聽Transparency聽Act聽2023聽(ECCTA聽2023) into force on 18 March聽2025聽and 1 September聽2025. They also revoke聽the聽Economic聽Crime聽and聽Corporate聽Transparency聽Act聽2023聽(Commencement聽No聽3)聽Regulations聽2024, SI 2024/1108, and amend聽the聽Register of Overseas Entities (Annotation and Removal)聽Regulations聽2024, SI 2024/53.
Jurisdiction(s): England, Northern Ireland, Scotland and Wales
Gifts out of surplus incomeA valuable exemption from inheritance tax (IHT) applies to gifts out of surplus income. This exemption applies only to lifetime gifts and is therefore a key part of lifetime planning. The exemption applies to both outright gifts and gifts into trust. Gifts which meet the
Class 4 national insurance contributionsWhat is Class 4 NIC?Class 2 and Class 4 national insurance contributions (NIC) are paid by self-employed individuals and partners in a partnership on their profits arising within the UK. This guidance note considers Class 4 contributions. For Class 2
Self assessment 鈥� amendments and correctionsOnce a self assessment tax return has been filed, both HMRC and the taxpayer (or the agent) has the right to make changes to the return. There are different time limits depending on whether it is a correction by HMRC or an amendment made by the
