Share capital
HMRC say that they cannot provide a list of foreign entities that they consider to have 'ordinary share capital' for the purposes of TA 1988, s 832 as each case will have its own particular set of facts. Thus it is not feasible for an exhaustive list to be created.
CGT and private residence relief
HMRC have changed their view on the entitlement to capital gains tax letting relief under TCGA 1992, s 223(4) where a private residence was occupied by a dependent relative before 6 April 1988.
Previously, HMRC were of the opinion that relief under s 223(4) would not be available where only or main residence relief is due on a residence occupied by a dependent relative. HMRC now consider that lettings relief may be due. CG64718 will be amended to reflect this change of view and CG65562 will be withdrawn.
CGT avoidance
Following the Royal Assent to FA 2007, HMRC have published revised guidance on the capital gains tax targeted anti-avoidance rule (TAAR). The document, Capital gains tax — Avoidance through the creation and use of capital losses can be found on the Internet at www.hmrc.gov.uk/cgt/cgt-recent-developments.pdf and explains HMRC's interpretation of TCGA 1992, s 16A and how the legislation applies.
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