Consultations

Tax / Landfill tax to be extended to illegal waste sites

HMRC is consulting on whether to extend the scope of the landfill tax to include material disposed of at illegal waste sites, as announced at Budget 2017, in a bid to tackle criminal activity

Tax / Potential tax rule changes for late-life oil and gas assets

The Treasury has now published the discussion paper on the tax treatment of late-life oil and gas assets, first announced at Budget 2017, which considers potential changes to the tax rules to facilitate the transfer of such assets to new investors, in a bid to support economic recovery in the sector

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 / SDLT payment window cut delayed until April 2018

The implementation of the 14-day window for filing and payment of stamp duty land tax (SDLT), reduced from 30 days, has been delayed to April 2018 after conveyancers expressed concerns over dealing with complex transactions while complying with the new time frame

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 / Treasury reviews taxation of employee expenses for uniforms

The Treasury is consulting on whether to alter the tax rules for employee expenses as the cost for tax relief on expenses, which are not reimbursed by the employer such as uniforms and additional travel expenses, now cost the Exchequer £800m a year

Tax / Budget 2017: taxation for late-life oil and gas assets out for review

Chancellor Philip Hammond confirmed a number of simplifications in reporting for oil and gas companies and extensions to investment allowances in Budget 2017, as well as announcing a future consultation on the tax arrangement for the transfer of late-life assets, in a bid to support recovery in the sector

Tax / Budget 2017: tax consultations planned for Spring 2017

The Treasury has also announced at least 10 different reviews into current tax policy including long-term capital finance, state pension age, tax compliance and risk at large businesses, and the penalties regime for Making Tax Digital

Tax / Budget 2017: business rates consultation to take place

A consultation on reforming the business rates regime will take place, the Chancellor has confirmed in the Budget

Tax / Re-evaluating the value of business rates

As businesses in high-value areas brace themselves for a business rates hike, Calum Fuller explores the flaws in the regime and how it might be improved

Tax / OTS VAT progress report considers lowering threshold

The UK’s VAT regime could be ‘less distortive’ if the registration threshold were brought down from its current £83,000 level, according to an Office of Tax Simplification (OTS) progress report and call for evidence

Tax / Farming businesses too complex for quarterly reporting

The rigid framework of quarterly reporting under Making Tax Digital does not make sense for the farming community due to accounting complexity, use of capital allowances and seasonality of the business, NFU head of tax tells Lords committee. Sara White reports

Tax / Lords to examine Making Tax Digital for farmers and small businesses

Farmers, small businesses and landlords are to give evidence to the Economic Affairs Finance Bill sub-committee on the government's Making Tax Digital project today
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