ARTICLE · 14 MAY 2012

Tax Update - Tuesday 8 May 2012

Smith & Williamson

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HMRC has published updated Toolkits as follows: CGT for land & buildings; CGT for shares; Chargeable gains for companies; CGT for Trusts and Estates; Property Rental; Directors Loan Account Toolkit and Company Losses Toolkit.

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Richard Mannion

1. GENERAL NEWS

1.1. HMRC toolkits

HMRC has published updated Toolkits as follows:

CGT for land & buildings
CGT for shares
Chargeable gains for companies
CGT for Trusts and Estates
Property Rental
Directors Loan Account Toolkit
Company Losses Toolkit.

www.hmrc.gov.uk/agents/prereturn-support-agents.htm

1.2. The Scotland Act

The Scotland Act 2012 gives the Scottish Parliament the power to set a Scottish rate of income tax to be administered by HMRC for Scottish taxpayers. It is expected to apply from April 2016. The Act also fully devolves the power to raise taxes on land transactions and on waste disposal to landfill – it is expected that this will take effect in April 2015, at which point the existing Stamp Duty Land Tax and Landfill Tax will not apply in Scotland. The Act also provides powers for new taxes to be created in Scotland and for additional taxes to be devolved.

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