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In brief: 23 July 2020

20 July 2020
Issue: 4753 / Categories: News

Welsh land transaction tax

The starting threshold for the land transaction tax in Wales will increase from £180 000 to £250 000 for the residential main rate from 27 July. The reduction will end on 31 March 2021.

VAT on commercial samples

HMRC has published new guidance on claiming relief from import duty and VAT when importing commercial samples from countries outside the UK and EU. The guidance includes information on who can claim relief goods that do not qualify for relief controlled goods how to make a claim and record-keeping.

Bank levy

HMRC has launched a consultation on draft regulations that will clarify the bank levy rules on deductions from a UK entity’s equity and liabilities when it holds assets representing loss absorbing instruments issued by overseas subsidiaries. Comments should be emailed to samuel.louks@hmrc.gov.uk by 10 August.

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