ESC clarification

HMRC recently published a consultation document entitled Extra-Statutory Concessions – Technical Consultation on Draft Legislation presenting draft legislation for 19 extra-statutory concessions that the Government intends to enshrine in legislation following the House of Lords’ decision in Wilkinson.

The document contained a list of concessions which require clarification before legislation is drafted.

HMRC have now published another consultation document relating to three of the concessions listed in that annex:

• ESC B49 Capital Allowances Act 2001 s 532: grants repaid;
• ESC C10 Group of companies: arrangements;
• ESC C16 Dissolution of companies under Companies Act 1985 ss 652 and 652A: distributions to shareholders.

The consultation gives a brief summary of the legislation where relevant the purpose of the concession and a number of questions where HMRC would welcome views.

Comments should be sent by Friday 1...