Tax | Child Trust Funds no longer subject to ‘lifestyling’

Following a consultation, the government will remove the legislation that requires stakeholder Child Trust Funds (CTFs) to be subject to lifestyling, with plans to amend CTF regulations later this year

12 Aug 2016

Tax

Personal Tax

HMRC

Consultations

Tax | Gift Aid overhaul to help online and SMS charity donors

An overhaul of Gift Aid rules will see more flexibility for donors who use online platforms and text messaging to make donations to charities so that they are able to comply with the rules without making multiple submissions

12 Aug 2016

Tax

Personal Tax

HMRC

Consultations

Tax | HMRC consults on changes to benefits-in-kind for salary sacrifice

Changes to both the salary sacrifice and ‘making good’ aspects of benefits-in-kind for both employers and employees are under consultation by HMRC but pensions and health-related benefits have been ringfenced

11 Aug 2016

Tax

Business Tax

Employment Tax

Personal Tax

HMRC

Consultations

Tax | Lights not down for Ingenious film schemes

Investors in film schemes at centre of long-running tax dispute face invidious choice, says UHY Hacker Young partner Michael Avient

11 Aug 2016

Tax

Business Tax

Tax Compliance

Tax | Tax changes considered for authorised contractual schemes

The government continued its slew of new consultations originally announced in the Budget 2016 with a set of proposals on tax rules related to authorised contractual schemes (ACS) affecting institutional investors

11 Aug 2016

Tax

Personal Tax

HMRC

Tax Planning

Consultations

Tax | Government targets loan transfers in disguised remuneration clampdown

Prevention of loan transfers is among moves announced in the Budget 2016 to tackle disguised remuneration tax avoidance schemes, including employee benefit trusts (EBTs), under technical consultation by HMRC

11 Aug 2016

Tax

Employment Tax

HMRC

Consultations

Tax | Employers to pay NICs on £30K plus redundancy payments

In response to the consultation on reform of the tax treatment of redundancy payments, the government is consulting on draft legislation to introduce NICs payments on redundancy payments over £30,000 from April 2018

11 Aug 2016

Tax

Personal Tax

HMRC

Consultations

Tax | Stamp duty payment window cut to 14 days from 2018

Plans to reduce the stamp duty land tax (SDLT) filing and payment window to 14 days in the 2017-18 have now been fleshed out by HMRC although a fixed timetable has not been agreed

11 Aug 2016

Tax

Property Tax

HMRC

Consultations

Tax | Dated partnership tax rules face major overhaul

An overhaul of taxation for partnerships is underway as the government tries to tighten up the rules and keep pace with the changing nature of the partnership structure as rules look increasingly obsolete and unable to deal with modern style partnership structures

10 Aug 2016

Tax

Personal Tax

HMRC

Tax Planning

Consultations

Accountancy Firms

Tax | Agents rebut HMRC calls for bank account details on CT returns

In the move towards universal digital tax accounts for business, HMRC is trying to force companies to provide bank details on their corporation tax returns, despite kickback by businesses who continue to prefer to receive tax refunds by cheque

10 Aug 2016

Tax

Business Tax

HMRC

Tax Compliance

Tax | Innovative Finance ISA draft legislation published

Draft legislation on a new ISA which some MPs believe could lead to investors taking unnecessary risks has been published by HMRC

10 Aug 2016

Tax

Business Tax

Personal Tax

HMRC

Law and Regulation

Tax | India overhauls sales tax in move to nationwide VAT system

The Indian government has passed the long-awaited Goods and Services Tax (GST) Bill to create a single market for VAT style payments, abolishing the country’s complicated fragmented sales tax system, set to come into effect by April 2017

10 Aug 2016

Tax

International Tax

VAT

Tax | HMRC consults on simplifying the PSA process

HMRC is consulting for 10 weeks on reforming the PAYE Settlement Agreement (PSA) process with the aim to simplify administration and provide greater clarity on what can be included 

10 Aug 2016

Tax

HMRC

Consultations

Tax | Rupert Grint loses £1m tax refund case

Actor Rupert Grint, famed for his role in the Harry Potter films, has lost in a First Tier Tribunal (FTT) against HMRC for a £1m tax refund, after a dispute over whether a tax return should be considered as an annual account

10 Aug 2016

Tax

Personal Tax

HMRC

Case Reports

Tax | Cameron to face MPs over honours list

The chair of the Public Administration and Constitutional Affairs Committee (PACAC), Bernard Jenkin, plans to invite committee members to investigate former prime minister, David Cameron’s honours list

9 Aug 2016

Tax

Politics