Legislation news update
Gives legislative effect to 16 Extra-statutory Concessions (ESCs) relating to subsistence expenses, disposals, close company shares, roll-over relief, private residence relief, employee trusts, artworks, awards, oil allowance, spirits contained in flavourings, and value of imported goods. The House of Lords’ decision in R v HM Commissioners of Inland Revenue exp Wilkinson [2005] UKHL 30 (the Wilkinson case) made clear that the scope of HM Revenue & Customs’ administrative discretion to make concessions that depart from the strict statutory position is not as wide as previously thought.
