Budget

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Draft guidance has been released by the government for changes to the tax treatment of benefits in kind where an employee 'makes good' the benefits in kind from 2017 to 2018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

Tax / Draft Finance Bill 2017 hints at transition plans for quarterly reporting

The 700-plus page draft Finance Bill has been published confirming plans to go ahead with quarterly reporting from 2018 for unincorporated businesses over the VAT threshold and an indication that there could be scope for variable transition rules for different types of business, reports Sara White

Tax / Business rates: out of kilter with digital business

 The £25bn raised in annual business rates is going to be protected by government whatever happens but it needs to be reformed as business evolves, says Mark Cawthron 

Tax / Brookes: government must replace Class 4 NICs revenue

David Brookes casts his eye over the Budget and predicts future tax measures to tackle disparities over employment taxes and digital real estate operations

Tax / Herring: NICs U-turn symptom of lack of clear employment tax policy

The government needs to outline its broader policy on national insurance lest politics stymies development of a fairer tax regime, says Institute of Directors head of taxation Stephen Herring

Tax / Hammond U-turns on Budget plan to increase NICs for self employed

Chancellor, Philip Hammond has abandoned plans to increase self employed Class 4 National Insurance Contributions (NICs), announced as part of the spring budget last week, after he received criticism for breaking a 2015 manifesto pledge

Tax / Budget 2017: implementation dates effective April 2017 onwards

Our essential snapshot of the key measures announced in Budget 2017, Finance Bill 2017 and NICs Bill, including NICs hike for self employed, dividend tax-free allowance slashed to £2k, overseas pensions transfers (QROPS) face potential 25% tax surcharge and Making Tax Digital rollout delayed for smallest companies and landlords sub-VAT threshold

Tax / Budget 2017 briefing: key measures at a glance

In our roundup of the Budget 2017 essentials, we review the key tax measures announced in a slimline event, from the unexpected hike in national insurance rates for the self employed to a cut in the tax-free dividend allowance, potential tax liability for pensions transferred overseas, corporation tax cuts and VAT roaming charges for long haul travellers for the first time
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