A round up of other news this week.
Legislation is included in Finance Bill 2020 to restrict the proportion of annual capital gains that can be relieved by brought-forward capital losses to 50 percent for corporation tax purposes. HMRC have added Appendix 17 to the Capital Gains Manual which contains draft guidance on the new legislation including many examples to help explain how it is intended to be applied. The guidance is draft because the Finance Bill has not yet received Royal Assent so the legislation could still be amended. However, if enacted, the measure will take effect from 1 April 2020 so HMRC have published the draft guidance now to assist companies that may be affected.
Following the publication of the April BRC-KPMG Retail Sales Monitor, Paul Martin UK Head of Retail at KPMG commented “with the nation firmly under lockdown throughout April, drastic retail sales declines were to be expected. Total sales fell a staggering 19.1 percent compared to last year, eclipsing any previous fall since records began”.
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