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24 July 2012
Update for CAP1 guidance
CAP1 How non-business customers or customers with a query about non-business activities get advice on HMRC’s interpretation of recent tax legislation has been updated to include a checklist at annex B that explains how to ask HMRC whether investments are qualifying investments for business investment relief (ITA 2007, s 809VC as introduced by FA 2012).
The relief allows individuals who are eligible to be taxed on the remittance basis to bring foreign income and gains to the UK tax free for the purposes of making a qualifying investment.
It explains in what circumstances HMRC will offer a view on a proposed action to:
- non-business taxpayers;
- taxpayers who are contacting HMRC with non-business queries about HMRC’s interpretation of recent tax legislation; and
- advisers acting on behalf of non-business taxpayers.
The new guidance replaces HMRC’s code of practice 10 and VAT Notice 700/6: VAT Rulings.
