Budget

Tax / Treasury to review 2019 loan charge

The Treasury has been forced to agree to review its controversial 2019 loan charge proposals, which are designed to tackle disguised remuneration, by the end of March after a cross-party group of MPs were successful in pushing through an amendment to the Finance Bill

Tax / MPs reject sweeping Treasury Brexit powers

The government’s no-deal Brexit preparations suffered a blow as a clause in Finance Bill 2018-19 (FB 2018-19) giving the Treasury broad powers in the event of a no-deal Brexit was narrowly defeated by rebels and opposition members

Tax / Finance Bill delayed until 2019

Political divisions and extensive debate of the government’s Brexit deal mean that Finance Bill 2018-19 (FB 2018-19) failed to pass beyond the committee stage before the parliamentary Christmas recess and will remain without royal assent until the new year

Tax / Scottish Budget freezes higher rate threshold at £43,430

Higher rate taxpayers will face larger tax bills in Scotland from April 2019 as the Scottish Budget confirms plans to freeze the higher rate threshold for another year, reports Sara White

Tax / CIOT warns Finance Bill tweaks damage confidence

CIOT has warned that a number of minor changes to Finance Bill 2018-19 (FB 2018-19) risk undermining the consistency depended on by taxpayers, reducing confidence and affecting international competitiveness

Tax / HMRC amends rules on termination payment tax

HMRC has updated guidance on the new rules for the taxation of termination payments, introduced to counter manipulation of the system, to reflect changed dates in relation to employer national insurance contributions (NICs) and to sporting testimonials

Tax / Lords call for greater oversight of HMRC powers

Recent powers provided to HMRC undermine the rule of law and hinder taxpayers' access to justice, and the tax authority should be subject to greater oversight and its powers reviewed, as the balanced has been tipped ‘unfairly’ in its favour, according to a House of Lords report

Tax / Business implications of HMRC’s Crown preference

Simon Willmett, financial director of Nucleus Commercial Finance, argues that the reinstated preferential status for HMRC in the event of a business insolvency may increase cash flow pressures for unsecured creditors

Tax / First-time buyers relief costs £426m a year

On the one-year anniversary of first time buyers relief (FTBR), HMRC statistics show more than 180,500 first time buyers have benefited from the cut in stamp duty land tax (SDLT), although receipts overall were 9% lower in the past three months compared with last year

Tax / Nunn: structures and buildings allowance is revamped tax relief

The announcement of the Structures and Building Allowance in the Budget marks the return of an old tax relief revamped for the modern era, says Yvette Nunn CTA, founder of Berkeley Associates

Tax / DUP silence allows Finance Bill amendments through

Divisions over the government’s Brexit agreement has caused Northern Ireland’s Democratic Unionist Party (DUP) to deliver a stinging blow by failing to back the government on amendments to the Finance Bill proposed by opposition parties

Tax / Government caves in to pressure on fixed odds betting changes

The government has been forced into a U-turn over the planned timetable for reducing the stakes on fixed odds betting terminals (FOBTs), which will now be introduced in April 2019 following public and political outcry and a ministerial resignation

Tax / What you need to know: annual investment allowance increased to £1m

The £1m annual investment allowance (AIA) limit could translate into an effective annual limit of less than £17,000 due to straddling periods, explains Will Silsby, technical officer at the Association of Taxation Technicians

Tax / Budget 2018: implementation dates effective November 2018 onwards

Our essential snapshot of the key measures announced in Budget 2018, Spring Statement 2018 and Autumn Budget 2017, including digital services tax, SDLT first time buyers relief extension, amendments to diverted profits tax, off payroll working rules in the private sector reformed

Tax / Business tax relief to hurt small businesses

Changes in the Finance Bill will mean that the increase in the Annual Investment Allowance (AIA) will have an adverse effect on small businesses who do not meet the spending requirements by 31 December 2020
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