A U-turn by HMRC enables clients with pre-existing commercial loan arrangements secured on their offshore income and gains to leave them undisturbed. A recent Upper Tribunal decision highlights the correct test to be applied when considering a taxpayer’s residence status, whilst another provides a useful analysis of the established legal principles for rectification of an instrument for common mistake in the context of entrepreneurs’ relief. A High Court decision regarding excluded property trusts confirms HMRC’s existing interpretation of IHTA 1984 s 48(3)(a). The retail gift aid rules have been tightened up.
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