ARTICLE · 30 APRIL 2007

Address. Registered Social Landlords

Deloitte

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The Pre Budget Report announced that the changes to the partial exemption special method regime proposed in the 2006 Budget will come into effect on 1 April 2007.

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Deloitte Tax Group

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Originally published in March 2007

Fair and reasonable?

The Pre Budget Report announced that the changes to the partial exemption special method regime proposed in the 2006 Budget will come into effect on 1 April 2007.

Under these proposals taxpayers are required to sign a declaration that any proposed special method is ‘fair and reasonable’ before HM Revenue & Customs (‘HMRC’) will give approval for its use.

Previously HMRC would have approved a partial exemption special method without such a declaration being signed by a taxpayer. The new declaration procedure means that, if at any time HMRC find a "fair and reasonable" declaration made by the taxpayer to be incorrect, they can serve a notice to override the partial exemption method from its effective date (subject to the three year cap).

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