Tax planning

Tax / Guidance on accounting officer assessments to scrutinise government projects

The Treasury has released guidance on the government’s commitment to publish a summary of the key points from an accounting officer assessment from April 2017, while providing advice on how accounting officers should assess a policy/project against four standards, including details on when to publish a summary

Tax / Accelerated payments to HMRC over disputed tax up 21% to £1.3bn

HMRC collected £1.3bn in disputed tax in 2016/17 through its use of accelerated payment notices (APNs), a 21% increase on the previous year when it received £1.07bn, according to Moore Stephens

Tax / Farming: ownership disputes and legal status - part 6

Julie Butler FCA considers whether the inclusion of an error in the accounts changes legal ownership highlighting the issues raised in the long-running and contentious Ham v Bell & Ors [2016] EWHC 1791(Ch), settled at the High Court last year

Tax / EU finance ministers agree to draft digital tax laws for IT giants

The EU is closer to reaching agreement on draft rules for a pan-European digital tax basis for major multinational IT giants such as Amazon and Google, with proposals based on permanent establishment status due to be released in spring 2018

Tax / First Common Reporting Standard exchanges on tax kick off

The first automatic Common Reporting Standard (CRS) exchanges between 49 jurisdictions will take place this month, to allow the annual exchange of information on offshore accounts to tackle tax evasion, with a further 53 jurisdictions taking up exchanges in September 2018

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

Tax / Corporate loss tax rules could be double edged sword

Menzies tax manager Natasha Spicer and tax director Lucy Mangan consider the impact of changes to the tax regime for corporate losses with the introduction of rules to curb corporate use of interest deductibility

Tax / HMRC updates worldwide disclosure facility with 90-day extension

HMRC has updated its guidance on the worldwide disclosure facility (WDF) used to disclose a UK tax liability that relates wholly or in part to an offshore issue to allow an additional 90 days to make a disclosure

Tax / HMRC puts post-Brexit border tax costs at £800m

HMRC chiefs have warned MPs that the department will need thousands more staff to handle customs and tax requirements once new trade arrangements are established post-Brexit, and are examining a ‘Singapore-style’ option

Tax / Tax relief on termination payments for ex-overseas workers scrapped

A measure to remove foreign service relief on termination payments for UK residents has been introduced by the government, meaning past overseas workers are liable to income tax on redundancy payments, effective from 6 April 2018

Tax / Partnership tax rules overhaul by 2018

Changes to partnership taxation are to go ahead with draft legislation now published, effectively clarifying the tax treatment for partnerships to ensure that the principle of taxing the beneficiary of partnership profit applies and to prevent a double reporting burden on investment partnership

Tax / VAT regulations for Making Tax Digital available by April 2018

The government has revealed plans to publish and consult on draft VAT regulations for Making Tax Digital with the aim to have the regulations in place by April 2018 to give businesses and software developers at least 12 months to prepare, although no consultation date has been set

Tax / Master Trust pension schemes to be targeted by taxman under new powers

The government is giving HMRC new powers to refuse to register and to de-register master trust pension schemes and schemes for dormant companies which are not authorised by The Pensions Regulator in a bid to curb pension scams

Tax / European finance ministers call for revenue based tax for digital giants

Four European finance ministers have launched a move to introduce an ‘equalisation tax’ on digital multinationals like Google and Amazon, which would see them taxed on revenues rather than profits, a proposal which CIOT says risks undermining years of work on convergence in global tax systems

Tax / Pension planning: transferring pensions overseas and QROPS - part 4

In part four of our series on pensions, Kay Ingram, director of public policy at LEBC, examines the impact and risks associated with transferring pensions overseas and Qualifying Recognised Overseas Pensions Schemes (QROPs)