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HMRC manual changes: 17 November 2023

Direct taxes  

Manual  Page  Comments 
Capital Allowances Manual Updated: CA23110 Page on plant and machinery first year allowance (FYA) amended to remove environmentally beneficial and energy-saving technologies as a category of expenditure on which FYA is available and to add it as a repealed FYA category. Paragraph added to cover the two temporary FYAs introduced by Finance (No.2) Act 2023 for specific periods. Guidance added on expenditure that is incurred before a qualifying activity begins including a new example.
Capital Gains Manual Updated: CG53120 Substantial shareholdings exemption guidance updated to clarify that a company will still be considered to be a trading company where its activities do not include ‘to a substantial extent’ activities other than trading...

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