The draft Enactment of Extra-Statutory Concessions Order 2017 will make provision in primary legislation for three existing HMRC extra-statutory concessions, with effect from 6 April 2017. The concessions are:
ESC D40, which concerns the CGT charge in respect of gains made by trustees of a non-resident trust, ensuring that a beneficiary is not treated as a participator in a company controlled by the trustees merely because of its status as beneficiary;
ESC F15, which ensures that where a transfer of value involves woodlands subject to a deferred estate duty charge, a potentially-exempt transfer for IHT purposes will be denied only to the extent that the value transferred is attributable to those woodlands; and
ESC 3.20, which prevents disallowance of input VAT for supplies made prior to insolvency.
HMRC consulted on these changes in October 2014 and November 2015 respectively.
The draft Enactment of Extra-Statutory Concessions Order 2017 will make provision in primary legislation for three existing HMRC extra-statutory concessions, with effect from 6 April 2017. The concessions are:
ESC D40, which concerns the CGT charge in respect of gains made by trustees of a non-resident trust, ensuring that a beneficiary is not treated as a participator in a company controlled by the trustees merely because of its status as beneficiary;
ESC F15, which ensures that where a transfer of value involves woodlands subject to a deferred estate duty charge, a potentially-exempt transfer for IHT purposes will be denied only to the extent that the value transferred is attributable to those woodlands; and
ESC 3.20, which prevents disallowance of input VAT for supplies made prior to insolvency.
HMRC consulted on these changes in October 2014 and November 2015 respectively.
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