BUDGET l 15 March 2023 14 Homes for Ukraine Temporary relief from the ATED and the 15% rate of SDLT is given for dwellings made available for occupation by individuals granted entry clearance or permission to stay in the UK under the Homes for Ukraine Sponsorship Scheme. • For ATED, the relief applies to chargeable periods beginning on or after 1 April 2022. • For SDLT, the relief has retrospective effect from 31 March 2022. Certain ‘thank you’ payments made by local authorities to sponsors under this scheme are exempted from income tax and corporation tax, with retrospective effect from 14 March 2022. Trusts and estates The way in which income tax applies to trusts, estates and their beneficiaries will be simplified with effect from 6 April 2024. Some technical clarifications relating to estate beneficiaries will also be made from 2023/24 onwards. Changes to IHT regulations during 2023/24 will remove some reporting requirements for non-taxpaying trusts. Assignments of income tax repayments Taxpayers are no longer legally able to assign their income tax repayments to a third party such as an agent, with effect from 15 March 2023. CGT assessment time period A loophole has been closed under which HMRC could be left with no time to assess tax due on capital gains when an asset was disposed of under an unconditional contract completed much later. The date of such a contract is the date of disposal for these purposes. The change will take effect in relation to contracts entered into on or after 1 April 2023 for corporation tax and 6 April 2023 for CGT. > THINK AHEAD Basis period change. 2023/24 is the transitional year in the HMRC process of aligning self-employed people’s trading years with tax years. Make sure you are aware how this will affect you and how you can mitigate the impact of a possible acceleration in your tax payments.
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