Enacting Extra Statutory Concessions
This is an update to our recent report of HMRC’s feedback as regards the prospective change in status of a second batch of Extra Statutory Concessions (ESCs) that are to be incorporated into legislation. In order to advance this process HMRC have now published a draft Statutory Instrument which will be given legislative effect from 1 April 2010.
The list of seven ESC’s which will be given legislative effect is as follows:
- A61 – Accommodation outgoings of ministers of religion
- A68 – Discretionary payments by trustees
- B10 – Income of contemplative communities or of their members
- D44 – Disposals of assets derived from larger holdings: valuation as at 31st March 1982
- D26 – Relief for exchanges of joint interests
- D50 – Compensation for deprivation of foreign assets
- Estimated Gift Aid donations by companies
In addition a further ESC concerning the ‘Zero rating of nurses’ prescriptions’ will be enacted under pre-existing powers contained in the legislation for Value Added Tax.
In the meantime all of these ESCs will continue to operate in their present form.