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HMRC have made amendments to several of their manuals:
Inheritance Tax: IHTM11101 to IHTM11178 updated to reflect the new definition of ‘charity’ for IHT purposes.
VAT Finance: updated to include new section VATFIN7650 on the FSA’s retail distribution review, which introduces new regulatory rules from 31 December 2012 for financial advisers. Most recommendation, referral and intermediary work around product distribution which would continue to be VAT exempt under general principles.
Stamp Duty Land Tax: more information about requests for guidance under non-statutory business clearance regime.
International: includes a new page at INTM470040 explaining how HMRC will deal with consequential claims arising from a mutual agreement procedure.
National Insurance: amendments to NIM02900co, section on tips, gratuities and service charges and NIM24520 concerning Class 4 National Insurance and partnerships.
Capital Gains: updated guidance on employee share schemes; business asset roll-over relief; and treatment of depository receipts following the HSBC/BNY Mellon decision.
Lloyds: treatment of Class 4 National Insurance on names’ earned income under review.
