Tax

Tax / Tax revenues up £35.6bn as CGT and stamp duty bite

HMRC’s tax take has seen its biggest jump since the recession in the last year, rising by £35.6bn, with a 10% hike in revenue from national insurance contributions (NICs) while higher rates of property tax have raked in £1.1bn in additional revenue

Tax / HMRC consults on draft guidance on enabler rules for tax advisers

HMRC is consulting on draft guidance covering new legislation on enablers of defeated tax avoidance schemes which will be introduced once Finance Bill (No.2) 2017 receives Royal Assent, and which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 / Amazon wants tax breaks for second US HQ

Amazon’s announcement that it is looking for a US city in which to set up HQ2 and its requirement that the chosen location is ‘business friendly’ has sparked controversy over whether the contenders should offer tax breaks and other financial incentives

Tax / IRS to require health coverage details with annual tax returns

The US Internal Revenue Service (IRS) has announced it will not accept electronically filed tax returns for taxpayers who do not include information about the health coverage requirements of the Affordable Care Act (ACA), starting from the upcoming 2018 filing season

Tax / HMRC races to update IT system to handle dividend tax change

HMRC’s own computer systems have been unable to deal with the slew of changes to dividends and interest income introduced for the year ended 5 April 2017 so it is having to take swift action to address the problems, warn RSM head of tax risk and investigation Mike Down and tax manager Sarah Saunders

Tax / HMRC urged to act on online VAT fraud by overseas sellers

HMRC has been too slow to address the problems of online VAT fraud by overseas sellers and its estimates of the tax loss are ‘out of date and flawed’ according to a report from the public accounts committee (PAC), which says the current uncertainty over the terms of the UK’s withdrawal from the EU risks making the problems worse

Tax / OECD reports action taken to amend preferential tax regimes

Governments have dismantled, or are in the process of amending, nearly 100 preferential tax regimes as a result of the introduction of the base erosion and profit shifting (BEPS) standards to improve the international tax framework, according to a progress report from the OECD

Tax / Calls for UK to hike self employed NICs and cut pension triple lock

The OECD is recommending the UK considers increasing National Insurance contributions (NICs) for the self employed and reforming the ‘triple lock’ on state pensions as part of efforts to support the UK economy, which it says has weakened in the aftermath of the decision to leave the EU

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 / Corporate tax evasion offences - what you need to know

Sophie Brookes, partner and professional support lawyer at Gateley plc, outlines the two new corporate tax evasion offences forming part of the Criminal Finances Act 2017, which make organisations liable for failing to prevent employees or agents from facilitating tax evasion

Tax / Warning of fake HMRC VAT email scam

Cyber criminals have been targeting UK taxpayers with fake VAT return messages claiming to come from HMRC which, when opened, could infect PCs with a Trojan virus and allow them to take over the victim’s computer, according to information security specialists Trustwave

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 / Treasury committee to scrutinise student loan system

The Treasury Committee is launching a new inquiry into the student loan system and related financial implications, including the repayment threshold, interest rates, tuition fees, and the impact on university finances

Tax / HMRC wins on non-notification of £110m tax avoidance scheme

HMRC has won a landmark Alchemy case against a tax avoidance scheme promoter who failed to meet the Disclosure of Tax Avoidance Scheme (DOTAS) rules in a tribunal ruling that could lead to the recovery of £110m

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
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