HMRC’s Wealthy External Forum is sending letters to individuals who have claimed business asset disposal relief in their 2021-22 tax returns. The letters are being sent where HMRC believe that:
- the individuals have previously exceeded the £1 million lifetime limit (letter 1); or
- the current claim has taken them over the limit (letter 2).
HMRC are asking recipients to check their position and respond either way. If a taxpayer fails to respond, HMRC may amend the return or open an enquiry.
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Written for accountants and other tax advisers at an intermediate level, Capital Gains Tax is built firmly on a foundation of statutory rules and case law principles. It is illustrated throughout with practical examples, and most chapters include a summary of pitfalls and planning points.