HMRC manual changes: 2 February 2024

Direct taxes

Manual	Page	Comments
Capital Gains Manual	Updated: CG67855	Guidance on employee-ownership trusts ‘limited participation requirement’ updated to confirm that where a trust does not yet exist HMRC would not consider where the participator fraction exceeded two-fifths to be an event that is within the reasonable control of the trustees.
	Updated: CG78310	Guidance on assets sold or acquired for foreign currency updated to confirm that when converting to sterling HMRC does not prescribe what reference point should be used for the exchange rate but it is expected that a reasonable and consistent method is used.
Inheritance Tax Manual	Archived: IHTM36221	Flowchart providing a summary of the procedures for negotiating a penalty archived as out...

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Direct taxes

Manual	Page	Comments
Capital Gains Manual	Updated: CG67855	Guidance on employee-ownership trusts ‘limited participation requirement’ updated to confirm that where a trust does not yet exist HMRC would not consider where the participator fraction exceeded two-fifths to be an event that is within the reasonable control of the trustees.
	Updated: CG78310	Guidance on assets sold or acquired for foreign currency updated to confirm that when converting to sterling HMRC does not prescribe what reference point should be used for the exchange rate but it is expected that a reasonable and consistent method is used.
Inheritance Tax Manual	Archived: IHTM36221	Flowchart providing a summary of the procedures for negotiating a penalty archived as out...