Budget 2008 > Individuals > Concessions - status confirmed
 

Concessions - status confirmed

HMRC have a number of long established ‘Extra Statutory Concessions’ which have been published and accepted in practice as binding. However, a 2005 House of Lords decision cast doubt upon HMRC’s ability to act in this way, even on grounds of general equity.

As a result HMRC have been reviewing their previously published concessions and they expect to complete this review in August 2008.

HMRC consider that the majority of published concessions are within their present statutory powers. For the minority of published concessions which are not, and which appear to require additional legislation, HMRC’s intention is to introduce measures in Finance Bill 2008 so as to ensure that such concessions are made statutory.