Budget

Tax / Tax rises and spending cuts needed to meet deficit goal, says IFS

The UK economy is growing too weakly to further bring down the deficit and reach a surplus by the next Parliament without tax rises and further spending cuts, according to the Institute for Fiscal Studies (IFS)

Tax / Hammond keeps his job as Chancellor of the Exchequeur

Philip Hammond is set to remain as Chancellor in the new Conservative minority government, retaining his position at the Treasury, alongside other senior ministers including foreign secretary Boris Johnson and Brexit minister David Davis

Tax / Tax revenues back to pre-2008 levels, claims IFS

A report from the Institute of Fiscal Studies (IFS) suggests the UK deficit is now back to the level it was at prior to the financial crisis, helped by tax raising measures which have seen both tax revenues and spending rise to slightly above their pre-crisis levels, as the snap election called by Theresa May approaches

Tax / Finance Bill 2017 should not be rushed through without scrutiny

The Chartered Institute of Taxation (CIOT) has written to Chancellor Philip Hammond urging him not to rush through a large number of tax changes, inlcuding Making Tax Digital, without any real parliamentary scrutiny, particularly since complex measures such as interest restriction have already faced repeated amendment

Tax / Editor’s comment: national insurance fiasco leaves black hole

The ill-thought plans to hike national insurance rates for the self employed leaves the Chancellor with a large hole in the accounts. The aim to align NICs rates is not wholly irrational but it should be part of a wider review of employment taxes and the changing work environment, says Sara White, editor of Accountancy

Tax / Consultations and tax reviews: April 2017

This month we provide a snapshot of major tax reviews announced in Budget 2017, albeit many without fixed dates for consultations, from Making Tax Digital penalties to HMRC risk profiling for large business tax issues and taxation of benefits in kind

Tax / Government delays anti-recycling rules for non doms until 2018

An overhaul of the tax status for non doms with overseas trusts will see the loss of trust protection over certain property transaction into trusts but the government has delayed anti-recycling rules which would have stopped UK resident beneficiaries from receiving trust monies tax free via an indirect distribution and onward gift, reports Sara White

Tax / Government seeks to clarify partnership taxation

Beneficiaries of a nominee or bare trust arrangement will be treated as partners under proposals to clarify the taxation of partnerships, a consultation outcome has revealed

Tax / Making Tax Digital penalty system out for review

With 12 months to go until the start of quarterly reporting under Making Tax Digital, the government has set out three options for the new penalty regime for non compliance ranging from a points-based system to annual HMRC compliance checks although the fines, which could be up to £3,000 for those who keep no financial records, will not kick in immediately

Tax / Cut in money purchase pension allowance limit to £4k effective 6 April

The Treasury has confirmed it will go ahead with plans to slash the money purchase annual allowance (MPAA) scheme for pension transfers to £4,000 with less than a month until the new limit comes into force, reports Sara White

Tax / Tougher penalties for hidden economy tax evaders planned

The government plans to introduce tougher penalties to curb those operating in the black economy with a more robust ‘failure to notify’ regime as part of its overall review of the HMRC penalties system as well as focused HMRC activity to crack down on tax evaders

Tax / Non-resident companies owning property to pay income tax and CGT

The government is consulting on the capital gains tax and income tax liability of non-resident companies owning UK property with a view to bringing their taxable income and/or gains from the disposal of certain UK residential property interests, within the UK tax regime for the first time

Tax / Changes made to alignment dates for making good on benefits in kind

Draft guidance has been released by the government for changes to the tax treatment of benefits in kind where an employee 'makes good' the benefits in kind from 2017 to 2018 tax year

Tax / Guidance released for tackling disguised remuneration

Guidance has been released in the draft Finance Bill 2017 outlining changes made to the measures to tackle disguised remuneration tax avoidance schemes since Autumn Statement 2016

Tax / Clampdown on promoters of VAT avoidance schemes

The draft Finance Bill 2017 has confirmed plans to widen the scope of the disclosure of tax avoidance schemes (DOTAS) to include all indirect taxes including VAT, from 1 September 2017, with penalties of up to £10,000 for non-compliance
Subscribe