Today’s UK tax tidbits, 10 August 2020

Aug 10, 2020

In today’s tidbits Finance Act 2020 received Royal Assent last month and various guidance has been updated. 

  • Finance Act 2020 received Royal Assent on 22 July 2020; 

  • Use updated form IHT35 to claim relief when you sell 'qualifying investments', that were part of the deceased's estate at a loss within 12 months of the date of death; 

  • The guidance on the patent box regime has been updated; 

  • Use the GAAR Advisory Panel opinion on reducing an estate's value via subscription for shares in a new company and gifting shares to an employee succession trust to help you recognise abusive tax arrangements; 

  • The contact details for calling or writing to HMRC for tax advice if you're a non-UK resident entertainer or sportsperson who performs or competes in the UK have been updated; and 

  • The guidance on the structures and buildings allowance has been updated