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ARTICLE · 03 JULY 2020

Tax Round Up

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HMRC has updated its guidance at BIM48000 regarding how legislation and case law should be applied where a business makes changes to its trading activities, including in ...

United KingdomTax
Catherine Sear
Catherine Sear
Robert Gaut
Robert Gaut
Stephen Pevsner
Stephen Pevsner
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UK COVID-19 Developments

HMRC updates its trading activities guidance

HMRC has updated its guidance at BIM48000 regarding how legislation and case law should be applied where a business makes changes to its trading activities, including in response to the COVID-19 disruption. Of particular interest are HMRC's comments on the possibility of changes to business activities resulting in the commencement of a new trade and that donations received to subsidise loss of income might be taxable.

Businesses may have made COVID-19 related changes to their trading activities, such as changing product lines, providing goods or services to key workers for free or at discounts and donating supplies to charities, hospitals and care homes.

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