Tax Compliance

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Image for budget 2017 offshore investigation time limits extended

Tax | Budget 2017: offshore investigation time limits extended

The government has outlined plans in the Budget to increase the time limits for assessing all offshore case of potential tax avoidance to at least 12 years where non-compliant behaviour is involved, with a consultation on this in spring 2018

23 Nov 2017

Tax | Dodwell: the iceberg Budget

There was little in the way of substantive announcements in the Budget and many with an arguably small impact on Exchequer but significant changes lurk beneath the surface, warns Bill Dodwell, head of tax policy at Deloitte

23 Nov 2017

Tax | Budget 2017: capital gains tax - key measures

Stephen Relf CTA FCA reviews the Budget announcements affecting capital gains tax and business-related CGT increases, including changes to depreciatory transactions and freezing the capital gains indexation allowance at CPI

23 Nov 2017

Tax | Budget 2017: what’s new in property taxes

Croner-i tax experts review the key property tax measures announced in the autumn Budget from CGT on non-residents’ gains to ATED rises and stamp duty abolition for first-time buyers purchasing properties valued under £300,000

23 Nov 2017

Tax | Budget 2017: avoidance and evasion priorities for government

Meg Wilson CTA, specialist tax writer at Croner-i, unpicks the key avoidance and evasion measures announced in the Budget including disguised remuneration, abuse of the NICs employment allowance and related party schemes involving intangibles

23 Nov 2017

Tax | Budget 2017: Gift Aid donor benefit thresholds simplified

After a review of the Gift Aid donor benefit rules, the government announced plans in the Budget to simplify the rules for charities using donor tax relief and realign existing thresholds to a simpler two-tier system

22 Nov 2017

Tax | Budget 2017: VAT threshold frozen until 2020

The VAT threshold has been frozen at £85,000 for the next two years to give the government time to review the current system and consider proposals for reform

22 Nov 2017

Tax | Budget 2017: ATED rates set to rise in line with inflation

The annual chargeable amounts for the annual tax on enveloped dwellings (ATED) for properties over £500,000 held in companies will be increase by 3%

22 Nov 2017

Tax | Budget 2017: additional HMRC funding to net extra £2bn

Additional resources allocated to HMRC to combat tax avoidance and evasion are expected to generate an extra £2bn according to the Budget 2017’s costings, reports Calum Fuller

22 Nov 2017

Tax | Budget 2017: CGT indexation allowance to be frozen at Dec 2017 RPI

In a surprise move, the Chancellor has announced plans to freeze the capital gains indexation allowance and set it in line with Retail Price Index (RPI) fixed as of December 2017 and it will not be reviewed monthly as the current practice

22 Nov 2017

Tax | Budget 2017: VAT refunds extended to Scotland police and fire

For the first time, the Scottish Police Authority and Scottish Fire and Rescue Service will be able to recover VAT incurred on their purchases, the Chancellor confirmed in the Budget

22 Nov 2017

Tax | Budget 2017: insolvency regime overhaul to curb tax debt

The Budget proposals include a measure designed to tackle the use of insolvency to escape tax debt by expanding the current security deposits legislation, in a bid to recoup some £150m of tax annually, as well as a planned review of airline insolvency

22 Nov 2017

Restructuring & Insolvency

Image for budget 2017 online vat fraud clampdown extends liability

Tax | Budget 2017: online VAT fraud clampdown extends liability

The government is to extend HMRC’s powers to combat online VAT fraud, with new legislation to be effective from April 2018, the Chancellor announced in the Budget

22 Nov 2017

Tax | Budget 2017: private sector set to face IR35 review

Chancellor Philip Hammond shied away from announcing confirmed action on a number of employment-related tax issues in his Budget speech, but the Treasury has said it will be consulting on how to tackle non-compliance with IR35 intermediaries legislation in the private sector next year

22 Nov 2017

Tax | Budget 2017: higher rate SDLT rules clarified for divorce-related sales

The Chancellor has introduced a measure to grant relief from tax due under the higher rates of stamp duty land tax (SDLT) in certain cases, including where a divorce related court order prevents someone from disposing of their interest in a main residence

22 Nov 2017

Tax | Budget 2017: CGT extended to all non-resident gains

The Budget outlines proposals to extend capital gains tax (CGT) to all non-resident gains from April 2019 in a measure set to bring in up to £160m annually

22 Nov 2017