Weekly roundup of HMRC import, export and customs guidance: 29 April 2024

Published on: 29 April 2024

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Specialist Tax Regulatory Materials

Article summary

Details of updates to HMRC import, export and customs guidance for the period from 23 April 2024 to 29 April 2024.

Jurisdiction(s): England, Northern Ireland, Scotland and Wales

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Guidance

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Trusts and Inheritance Tax

Gifts out of surplus income

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

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Owner-Managed Businesses

Allowable deductions for employee-related expenses

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Owner-Managed Businesses

Repairs and renewals

Repairs and renewalsThe key consideration in determining whether expenditure on repairs and renewals is allowable as a deduction for tax purposes is whether it is capital or revenue in nature. In some cases, it can be relatively straightforward to identify revenue repairs. HMRC provides the

14 Jul 2020 13:23 | Produced by Tolley Read more

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