Highlights from the broader tax news week ending 14 July, which includes: confirmation on L-Day as 20 July, HMRC guidance on claiming SDLT relief in freeport tax sites and HMRC writes to businesses to help them prepare for customs changes from January 2022.
How to claim SDLT relief in freeport tax sites
HMRC has published guidance on claiming relief on stamp duty land tax (SDLT) when buying land or buildings in one of the UK’s freeport tax sites. The guidance outlines how to qualify, how much relief is available and how to claim. It confirms that relief can be claimed from the date a freeport tax site is designated until 30 September 2026. Read the guidance in full.
Draft Finance Bill to be published on 20 July
The Financial Secretary to the Treasury, Jesse Norman, has confirmed that draft clauses for the next Finance Bill will be published on 20 July. Known as “L day”, the government will also publish explanatory notes, tax information and impact notes, responses to consultations and other supporting documents on gov.uk.
HMRC writing to businesses trading in the EU
HMRC has launched a campaign aimed at helping UK businesses prepare for the customs changes coming into force from January 2022. Over the coming days more than 160,000 businesses will receive a letter from HMRC explaining the steps they need to take to continue trading in the EU. In particular, it highlights guidance on making supplementary declarations, appointing a customs intermediary and the requirements for Export Health Certificates which are needed for animal products. HMRC will continue to contact businesses over the coming months with more support on the introduction of full customs declarations. Find out more.
ICAEW Know-How from the Tax Faculty
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