Tax / Consultation on tax changes to overseas pension scheme payments

The government is consulting on changes to the overseas pension scheme rules relating to the tax charges on payments from non UK pension schemes

Tax / Draft guidance on second tranche of corporation tax loss relief reforms

HMRC is seeking feedback on a second tranche of draft guidance relating to reform of corporation tax loss relief, focusing on group relief for carried forward losses and the relaxation of carried-forward non-trade losses

Tax / Consultations: Nov - Dec 2017

A roundup of current consultations from HMRC, including extra-statutory concessions (ESCs) draft legislation, Making Tax Digital for VAT, capital allowances and accounts depreciation

Tax / European Commission consults on digital taxation

The European Commission has launched a public consultation on how the EU can ensure that the digital economy is taxed in a fair and growth-friendly way, arguing that the current tax framework cannot capture activities which are increasingly based on intangible assets and data

Tax / Consultation on details of fulfilment house rules

HMRC has announced a technical consultation on the draft statutory instrument for the fulfilment house due diligence scheme (FHDDS), which applies to businesses that store any goods imported from outside the EU for or on behalf of someone outside the EU, and is designed to address concerns over VAT payments by online retailers

Tax / HMRC consults on draft guidance on enabler rules for tax advisers

HMRC is consulting on draft guidance covering new legislation on enablers of defeated tax avoidance schemes which will be introduced once Finance Bill (No.2) 2017 receives Royal Assent, and which could see accountants and lawyers liable for penalties as a result of providing contentious advice in this area

Tax / Partnership taxation: chargeable tax and profit allocations

The imminent overhaul of tax rules for all types of partnerships will have a wide-reaching impact, particularly on the bare trust/beneficiary approach. Mark Cawthron LLB CTA outines the key changes and sets out potential pitfalls for partners to consider

Tax / HMRC consults on simplification of group relief for carried-forward losses

HMRC has published draft regulations and a draft explanatory memorandum setting out how companies can enter into simplified arrangements in respect of claims and surrenders of group relief for carried-forward losses, which are designed to reduce the administrative burden

Tax / HMRC launches technical consultation on soft drinks levy

HMRC has announced a technical consultation on two draft statutory instruments regarding the soft drinks industry levy which is being introduced from April 2018

Tax / Making Tax Digital for VAT: what we know so far

With sketchy information available about the plans for the rollout of Making Tax Digital for VAT, Stephen Relf CTA ACA examines early plans for changes to VAT reporting including qualifying criteria, compliance and thresholds

Tax / OTS review of capital allowances and accounts depreciation launched

The Office of Tax Simplification (OTS) has kicked off a review of capital allowances and accounts depreciation with a focus on simplifying the currently hugely complex treatment of tangible fixed assets, and is calling for feedback from users

Tax / Welsh to raise stamp duty rates for £400k plus property purchases

Property buyers in Wales will be hit by a higher rate stamp duty on house purchases valued at over £400,000 in the first change to property tax as a result of new devolved tax powers which come into effect from 1 April 2018

Tax / OTS to examine use of IT to simplify tax system

The Office of Tax Simplification (OTS) is to look at how advances in IT could simplify the design or administration of the tax system, particularly as Making Tax Digtal forces exclusive digital reporting and Blockchain currencies go more mainstream

Tax / Future of capital allowances up for OTS review

The Office of Tax Simplification (OTS) is to review options for replacing the current capital allowances tax relief system with an accounts depreciation approach as the current model is too complicated and expensive for businesses to administer, reports Sara White

Tax / HMRC launches consultation on Help to Save scheme

HMRC has published a six-week technical consultation on secondary legislation relating to the Help to Save scheme aimed at working families on low incomes, which is set to launch in April 2018