New rules, known as Non-Resident Capital Gains Tax (NRCGT) will come into effect on 6th April 2019 and are, according to HMRC, ‘expected to have a significant impact on businesses’.

From 29 October 2018 the relief was extended to include first time buyers purchasing through approved shared ownership schemes who do not elect to pay SDLT on the market value of the property but instead pay SDLT in stages. This extension will apply retrospectively from 22 November 2017 onwards.

Historically, HM Revenue & Customs (“HMRC”) had enjoyed a higher, preferential ranking in the statutory order of payment for insolvent estates for certain VAT, PAYE, CIS and NICs debts. This status was abolished in the Enterprise Act 2002, when all HMRC debt was re-categorised as unsecured in order to provide a level playing field for business and promote an entrepreneurial culture in the UK. However, in the recent Budget, Chancellor Philip Hammond has reintroduced ‘preferential’ status for HMRC in insolvency proceedings.