Coronavirus (COVID-19)—tax implications [Archived]

Published by a UUÂãÁÄÖ±²¥ Tax expert
Practice notes

Coronavirus (COVID-19)—tax implications [Archived]

Published by a UUÂãÁÄÖ±²¥ Tax expert

Practice notes
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ARCHIVED: This archived Practice Note, which considers the tax measures that were introduced by the government in response to the coronavirus pandemic and other tax measures that were particularly relevant in the circumstances, is not maintained and is for background information only.

The government announced a number of measures in response to the coronavirus (COVID-19) crisis either that related specifically to the UK tax regime, or that HMRC administered.

HMRC published a business support finder tool to help businesses and self-employed people to determine quickly and easily what financial support was available to them. See: Find coronarvirus support for your business.

For ease of use, this Practice Note is split into sections as follows:

  1. •

    EMPLOYMENT

  2. •

    SELF-EMPLOYMENT

  3. •

    TRADING LOSSES

  4. •

    VAT

  5. •

    STAMP TAXES

  6. •

    INTERNATIONAL

  7. •

    TAXES MANAGEMENT AND LITIGATION, and

  8. •

    INCENTIVISED INVESTMENT

EMPLOYMENT

Coronavirus job Retention scheme (CJRS)—CLOSED

The coronavirus job retention scheme (CJRS) provided support to employers with a UK payroll in the form of a grant to assist with salary payments to ‘furloughed’ employees during the coronavirus pandemic.

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Jurisdiction(s):
United Kingdom
Key definition:
Retention definition
What does Retention mean?

Retention is a percentage of the sums payable by way of interim payment deducted by the employer and held until completion. Half of the retention is released on practical completion, the other half on the expiry of the defects liability period or issuance of a certificate of making good defects.

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