Consultations

Tax / Government considers reform of taxation of trusts

HMRC has published a 12-week consultation reviewing the taxation of trusts to determine how its tax policy can be made more transparent as well as whether reform is needed to encourage uptake but discourage the abuse of non-resident trusts for tax avoidance purposes

Tax / HMRC to carry out tax checks on taxi licence renewals

Individuals applying for public sector licenses in sectors such as scrap metal and private hire vehicles will need to provide proof that they are correctly registered for tax when renewing their licenses

Tax / HMRC consults on aligning stamp duty and SDRT

HMRC plans to extend the market value rule to tackle contrived arrangements when selling shares, announced at Budget 2018

Tax / Treasury rolls out detailed plans for 2% digital services tax

The Treasury is going ahead with plans for a 2% tax on large online multinationals from 2020, including social media and search engine companies, to raise over £600m by 2022

Tax / Partial reinstatement of goodwill relief for IP businesses

HMRC and the Treasury have released detailed proposals for the partial reinstatement of relief for goodwill acquired in businesses with eligible intellectual property (IP) which will be included in Finance Bill 2018-19, alongside changes to the de-grouping charge rules which will be effective from 7 November 2018

Tax / Insolvency will not afford tax evasion excuse from 2019

The government is to press ahead with legislation in 2019/20 to allow HMRC to make directors and other persons involved in company tax avoidance, evasion or phoenixism jointly and severally liable for tax liabilities that arise from those activities where the company becomes insolvent, following a consultation on the issues

Tax / Working group to investigate feasibility of VAT split payments

HMRC and the Treasury are to set up a formal industry working group to examine how to create a split payment model for VAT, in order to cut down on tax losses from cross-border e-commerce, after a consultation found the potential options under consideration were too complex and costly to implement

Tax / Simplification of tax return amendment process planned

The government is planning to review the complicated process for amending tax returns to make it more transparent and easier for taxpayers to use, with a possible move to a single digital tax amendment service

Tax / Disputed tax from big business hits £27.8bn

Figures released today show that the amount of underpaid tax in dispute with the UK’s 2,000 largest businesses increased to £27.8bn in 2017/18, a 12% increase on the previous year, as HMRC steps up its investigative activity

Tax / Budget 2018: consultations on trusts and R&D tax relief in pipeline

The government is to carry out a number of consultations into current tax and accounting policy, including R&D reliefs and the implementation of IFRS 17 Insurance Contracts, and has yet to determine a direction for the long-standing issue of taxation of trusts

Tax / Budget 2018: IR35 to be extended to private sector

The IR35 off-payroll working rules which have already been introduced for the public sector are to be extended to the private sector the Chancellor has confirmed in the Budget, saying that the move was ‘essential to ensure fairness between individuals working side by side for the same employer’

Tax / Consultation on rules for relief of corporate capital losses

HMRC has opened a consultation on plans to reform the rules for the relief of corporate capital losses from 1 April 2020, action which was announced in the Autumn Budget 2018

Tax / Budget 2018: first-year allowance for electric charge-points extended

Chancellor Philip Hammond has extended the current 100% first-year allowance for costs incurred on installing electric charge-points until 2023 to further encourage the take up of electric vehicles

Tax / HMRC consults on draft legislation for devolved Welsh income tax

HMRC has produced a technical note setting out the government's position on the Welsh rates of income tax, which will be implemented in April 2019, and begun a consultation on the legislative changes required

Tax / OTS seeks views on tax impact on SMEs

The Office of Tax Simplification (OTS) has published a call for evidence and an online survey to seek views about tax impact on businesses, particular those at the smaller end of the spectrum, with the aim of identifying opportunities to reduce the regulatory burden
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