Budget

Tax / Insurer challenge over indexation allowance change

Royal London is challenging MPs to take action over a proposed tax change announced at the autumn Budget which the insurer claims will result in some 11 million individuals paying an increased rate of tax on some endowments and whole of life plans

Tax / Royalty withholding tax: what it means for digital multinationals

As the government tries to curb tax leakage through royalties shifted offshore by multinationals with  plans to introduce a withholding tax, Pinsent Masons partner Eloise Walker examines the policy’s chance of success and looks at some of the practical issues facing companies open to the charge 

Tax / Dodwell and Prosser review key tax changes in 2017

In a busy year of complex tax changes, two Finance Acts set out a raft of new measures for businesses and individual taxpayers. Bill Dodwell CTA ACA, partner and head of tax policy at Deloitte and Kevin Prosser QC set out the key tax developments of 2017

Tax / Scotland to introduce two new tax bands

Income tax is to increase for Scottish taxpayers in the middle income bracket after finance secretary Derek Mackay announced radical reform in his Budget

Tax / Budget 2017 briefing: key measures at a glance

In our roundup of Budget 2017 essentials, we review the key tax measures announced in a slimline event, from £155m allocated to combat tax avoidance and evasion to HMRC adopting a points-based penalty system for late tax returns, digital companies face royalty tax, capital gains tax indexation allowance frozen

Tax / Hallam: government anti-VAT fraud proposals have teeth

As the government seeks to curb online VAT fraud after additional measures were announced in the Budget, Nicholas Hallam considers what impact the policy might have

Tax / Maas: Chancellor made little impact in Budget

Philip Hammond's policy announcements in the Budget 2017 will ultimately have little impact, says CBW tax partner Robert Maas

Tax / Budget 2017: implementation dates effective November 2017 onwards

Our essential snapshot of the key measures announced in Budget 2017, Finance Bill 2017/18 and NICs Bill including CGT indexation allowance, SDLT and rise in R&D tax relief

Tax / Treasury commits to publishing draft Finance Bill 2018 by July

The Treasury has confirmed the new fiscal calendar, highlighting that the Budget will be the primary fiscal event, supported by a Spring Statement on 13 March and release of draft legislation in July

Tax / Tax rules for VAT on vouchers set to be simplified

HMRC is holding a technical consultation about updating the VAT legislation for vouchers to bring it up to date with the revised EU VAT directive

Tax / HMRC plans overhaul of tax penalties

As part of its Making Tax Digital initiative, HMRC is consulting on ways to simplify the range of penalties, sanctions and rates of interest across the main taxes, income tax self assessment, corporation tax and VAT

Tax / HMRC slashes costs for Making Tax Digital compliance

HMRC has revised down sharply its estimate of the transitional cost to business of implementing its flagship Making Tax Digital programme to £109 rather than £280 as originally forecast, following the decision to limit the number of businesses required to switch to digital updates and confining the first implementation to VAT reporting only

Tax / HMRC consults on tax changes to plant and machinery leases

Due to changes to international accounting standards on lease accounting under the forthcoming IFRS 16 Leases, HMRC has issued a consultation on proposed changes to the tax code to ensure the tax treatment of leases reflects lease accounting rules post 2019

Tax / Consultation on allowing transfers of shares and securities in venture capital trusts

A consultation is being conducted to over legislation which will allow venture capital trusts to exchange shares and securities without relying on HMRC to decide if transactions are permissible ad hoc

Tax / Rent a Room tax relief review could hit online room booking services

As part of a review of property tax reliefs, the Treasury has released a consultation on the future of rent a room relief for individual landlords and online room booking services, which could see an overhaul of the current rules, which were introduced 25 years ago pre-internet
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