Tax

Latest news

Tax | Tax changes hit rich and poor hardest, IFS finds

Tax and benefit changes introduced by the coalition have reduced household incomes by an average of 3.3%, but there has been a disproportionate impact on both low-income families and the very rich, according to the Institute of Fiscal Studies (IFS)

23 Jan 2015

Tax

Personal Tax

Tax | Treasury consults on non-dom three-year remittance charge

As part of the government’s clampdown on tax avoidance, HMRC and the Treasury have released a joint consultation on plans to set a minimum claim period for the tax remittance base charge for non-doms at three years, a measure first announced by the Chancellor in the Autumn Statement 2014.

22 Jan 2015

Tax | Scotland Bill on tax devolution first through next Parliament

Danny Alexander, chief secretary to the Treasury, has confirmed the draft legislation giving Scotland new powers over tax and spending will be a priority for any new government following the general election as the draft legislation on further tax devolution for Scotland is released

22 Jan 2015

Tax | VAT victory over verandah sales on static caravans

Static caravan owners are to benefit from an Upper Tribunal (UT) decision which has overturned an earlier First Tier Tribunal FTT) ruling supporting HMRC’s view that verandahs attached to the caravans were not zero-rated for VAT, unlike the vehicles themselves

22 Jan 2015

Tax

VAT

Case Reports

Tax | Scotland revises stamp duty rates for Scottish property sales

Before the new Scottish property taxes have even been introduced, the Scottish government has announced revisions to the proposed rates and bands for residential property transactions under its new Land and Buildings Transaction Tax (LBTT), which replaces stamp duty land tax (SDLT) in Scotland from April

22 Jan 2015

Tax

Personal Tax

Tax Compliance

Tax | HMRC corporation tax filing software fails for new users

HMRC has reported a problem with the ‘accounts notes, tangible assets: total page’ on their free corporation tax filing software but stresses that companies still need to complete the 'reasonable excuse' form to justify why the online system was not used

21 Jan 2015

Tax | OECD publishes feedback on intra-group transfer pricing reforms

There has been largely positive reaction to OECD's action 10 proposal to reform and simplify the transfer pricing guidelines in relation to low value-adding intra-group services, which it is considering as part of its Base Erosion and Profit Shifting (BEPS) project

21 Jan 2015

Tax | HMRC ‘unable to trace’ accountant’s own tax records

A partner with South West accountancy firm Bishop Fleming has received a letter from HMRC asking him to provide his personal details because it is ‘unable to trace’ his tax records, despite no changes in his circumstances for almost twenty years

21 Jan 2015

Tax

HMRC

Tax Compliance

Image for E2 80 98no detriment E2 80 99 scottish fiscal devolution says osborne

Tax | ‘No detriment’ to Scottish fiscal devolution, says Osborne

Ahead of publication of a draft Scotland Bill on Thursday, Chancellor George Osborne has warned that the Scottish government will need to learn to live with the consequences of any of its decisions to raise or lower the income tax rate once powers to vary the rate are devolved from 2016

20 Jan 2015

Tax | HMRC publishes tax guidance on Scotland Act 2012

HMRC has published guidance to Scotland Act 2012 and documents relating to HMRC consultations with various groups, such as the Pensions Technical Group and Income Tax Technical Group, on how the introduction of the Scottish rate of income tax (SRIT) will affect other areas of the income tax system.

20 Jan 2015

Tax

Tax Compliance

Law and Regulation

Tax | OECD publishes feedback on BEPS dispute resolution plans

The OECD has published feedback on its initial consultation on ways to make dispute resolution mechanisms more effective, which forms one of the proposals which are part of its Base Erosion and Profit Shifting (BEPS) project to clamp down on global tax avoidance

20 Jan 2015

Tax

International Tax

Consultations

Image for tax tips claiming business reliefs avoiding 60 tax rate

Tax | Tax tips: claiming business reliefs, avoiding 60% tax rate

As the new year kicks off, Lee Watson, senior tax manager at Clive Owen LLP, runs through his top ten tax tips for businesses from making the most of research and development tax credits to avoiding the 60% income tax trap

20 Jan 2015

Tax

Tax Compliance

Tax Planning

Tax | OTS calls for HMRC head of partnerships to improve tax approach

The Office of Tax Simplification (OTS) has published a final report - the third on the subject - on the taxation of partnerships which lists 14 recommendations including clear and comprehensive guidance for new partnerships, allowing partners to claim their own expenses, simpler HMRC administration for international partnerships, and extending gift aid to partnerships.

20 Jan 2015

Tax | Offshore structures: avoiding tax pitfalls for non-doms

Offshore structures remain valuable tax planning vehicles for non-doms, despite efforts to curtail their tax advantages, but be warned that there are pitfalls in excluded property settlements, says Aidan Meade, tax director at Wilkins Kennedy

20 Jan 2015

Tax | Government signals draft Scotland Bill to be published this week

This is a landmark week for Scotland as the UK government will be publishing draft legislation to give the Scottish parliament the wider devolved powers, including the ability to set some tax and benefits rates, which were promised following the 2014 referendum result

19 Jan 2015

Tax | Investing in France: tax implications as 75% top rate is abolished

As France is set to abolish its 75% tax rate for top earners, Didier Hémion, partner and director at Paris-based Primexis, considers whether the changes to the tax landscape will stimulate foreign investment

19 Jan 2015

Leadership & Management