HMRC Brief 12/09 issued on 31 March (see http://www.lexisurl.com/9O5jE) is entitled 'Re-classification of claims to capital allowances'. In HMRC's words the Brief: 'clarifies the HM Revenue & Customs (HMRC) view that once a business has exercised its choice to claim one type of capital allowance rather than another that choice may not be revisited and effectively reversed in respect of expenditure incurred in a closed year under the “error or mistake” provisions'.
Misdirection concession withdrawn
Extra-statutory concession 3.5: 'Misdirection' gave the view of HMRC of the circumstances in which HMRC would regard itself as bound by incorrect advice given to customers in respect of VAT and insurance premium tax.
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HMRC Brief 12/09 issued on 31 March (see http://www.lexisurl.com/9O5jE) is entitled 'Re-classification of claims to capital allowances'. In HMRC's words the Brief: 'clarifies the HM Revenue & Customs (HMRC) view that once a business has exercised its choice to claim one type of capital allowance rather than another that choice may not be revisited and effectively reversed in respect of expenditure incurred in a closed year under the “error or mistake” provisions'.
Misdirection concession withdrawn
Extra-statutory concession 3.5: 'Misdirection' gave the view of HMRC of the circumstances in which HMRC would regard itself as bound by incorrect advice given to customers in respect of VAT and insurance premium tax.
...
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