Technical News

 


We thought it would be useful to members to see some examples of the tax credit forms and Notes that will be emerging after 5 April 2004. They fall into three categories:

Renewals
Claim form for 2004/05
Award notices for 2004/05

Below is given further information on trading losses and share related income. This is a supplement to the guidance on new tax credits amending regulations published on 22 December 2003. On 22 December 2003 we published some guidance on the meaning of the amending regulations on income for tax credit purposes (SI 2003/2815). Go tohttp://www.tax.org.uk/showarticle.pl?id=2150&n=200 for more detail. Subsequent to that publication we have received the following answer to our two questions.

On 13 November 2003 the Accounting Standards Board issued a new Application Note to Financial Reporting Standard FRS 5 “Revenue Recognition”. David Collison, Chairman, CIOT Personal Taxes Sub-Committee, has written as follows. This will appear in the Noticeboard section of the February issue of Tax Adviser. This new Application Note states as a Basic Principle: