Capital Gains Tax

Capital losses - Mansworth v Jelley: cases under enquiry HMRC have today issued a letter to taxpayers with cases under enquiry where capital losses have been claimed on the disposal of shares acquired on the exercise of an employee share option before 10 April 2003. The letter is posted here and asks for a response within 40 days of the letter date. 10 February 2012
Entrepreneurs' Relief (ER) HMRC have agreed that the answers to some of the technical questions on the operation of ER raised with HMRC via the CGT Liaison Group (an HMRC forum) may be published. HMRC expect to incorporate the content of the answers into the HMRC CG manual. Further answers to outstanding technical questions will be posted here as they become available. 13 February 2012
CGT: Beneficiary's CGT position on winding-up a trust created by will The CIOT has written to HMRC to clarify HMRC's view of a beneficiary's CGT position on winding-up a trust created by will. The substance of the question put to HMRC is set out below. HMRC have confirmed that their response may be published. 10 February 2011