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In brief: SAO guidance; discounted gift schemes.

20 August 2013
Issue: 4416 / Categories: News

...compliance; SEIS; ATED; disincorporation; defaulters

SAO guidance revised

Revenue & Customs Brief 19/13 outlines the HMRC view on companies falling within the senior accounting officer (SAO) rules that meet the qualifying criteria and whose shares are held by a parent on trading account, commonly a situation involving banks or private equity groups. The brief also contains updates to the department’s guidance, including clarification of HMRC’s interpretation of the turnover test, an example of balance sheet aggregation, the operation of the rules when a qualifying company fails to identify its SAO, and information about penalties, appeals, reasonable excuse and postponements.

Discounted gift schemes

Revenue and Customs Brief 22/13 sets out HMRC’s view on how to calculate the value that will be subject to inheritance tax for a discounted gift scheme held in a relevant property trust when the ten-year anniversary charge arises for the trust. It also updates the guidance on how the transfer value is to be calculated when a discounted gift scheme is effected. The aim is to provide certainty that a valuation prepared in accordance with this brief will be acceptable to HMRC. The brief is aimed at the trustees of a relevant property trust which holds a discounted gift scheme who are responsible for delivering an inheritance tax account for the ten-year anniversary, and should also be read by the providers of discounted gift schemes who wish to provide relevant values to their customers when a discounted gift scheme is effected and at subsequent ten-year anniversaries.

Tax compliance

Updated guidance notes have been published to accompany The International Tax Compliance (United States of America) Regulations 2013. These reflect the six-month deferral of the commencement of FATCA until 30 June 2014 and other changes made following informal consultation.


HMRC have published an updated version of form SEIS1, “seed enterprise investment scheme compliance statement”.

ATED guidance

A technical guide about the annual tax on enveloped dwellings (ATED) is available on HMRC’s website. The guide covers the primary legislation, including the obligations to make returns and the reliefs available.


HMRC have published technical and general guidance on disincorporation relief, introduced in April 2013. It covers eligibility, how to claim the relief, and its tax effect on claimants (companies and shareholders).


HMRC have published their third list of deliberate defaulters.

Issue: 4416 / Categories: News
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