Tax / IR35 draft legislation out for consultation

HMRC has published draft secondary legislation with a four-week window for feedback from stakeholders despite being mid-way through a government review of the rules

Tax / Maturing child trust funds will retain tax free status

Holders of child trust fund accounts will be able to transfer their funds tax free when they start maturing in September, marking the scheme reaching 18 years

Tax / Post-Budget consultation on RPI change

The government is to consult on a change to the way the retail prices index (RPI) is calculated, following a lengthy campaign by MPs, who said a statistical error means this measure of inflation is flawed

Tax / US opposes OECD plan to tax multinational digital giants

The US has signalled strong opposition to OECD plans to introduce a wide-ranging digital tax which would hit multinationals, particularly US IT giants

Tax / Consultations: Dec 2019

This month's HMRC and Treasury consultations focus on simplification of partial exemption and capital goods scheme and cross-border tax disclosure rules affecting intermediaries and tax advisers

Tax / Scotland consults on tourist tax

The Scottish government is consulting on plans to introduce a tourist tax to  enable local authorities in Scotland to apply a visitor levy on short-term overnight stays

Tax / Cross-border tax: are you ready for DAC 6?

The EU Directive on administrative cooperation in relation to tax, known as DAC 6, is out for a draft legislation consultation with the first reporting dates scheduled for August 2020. Meg Wilson CTA examines the impact on cross-border tax arrangements

Tax / OECD consults on Pillar Two tax rules to stop profit shifting

The OECD is consulting on its global anti-base erosion (GloBE) proposal which is designed to prevent multinationals from profit shifting, by developing rules which would effectively create a minimum tax rate worldwide

Tax / Individual tax accounts need a revamp, says OTS

The Office of Tax Simplification (OTS) is calling for improvements to HMRC’s individual tax account service to provide an end-to-end tax reporting and payment service for the self employed and buy-to-let landlords

Tax / 1 in 5 law firms ignore money laundering rules

The Solicitor Regulation Authority (SRA) is planning to launch money laundering investigations into 7,000 law firms after they discovered that too many were not complying with anti-money laundering regulations

Tax / Scotland plans plastic drinks cup tax

The Scottish government is to introduce a charge on single-use drinks cups in a bid to reduce the amount of plastic used

Tax / OECD tax overhaul would see profits taxed by jurisdiction

The OECD is consulting on plans for a major change to the international rules on taxing multinationals (MNEs), including digital companies, so that they pay tax wherever they have significant consumer-facing activities and generate their profits

Tax / Tax updates: October 2019

In this month’s tax updates, three BBC presenters lose IR35 case, Apple tax demand ‘defies reality’, Glencore wins £51m transfer pricing appeal, HMRC does not understand small business, 120,000 miss MTD deadline, double NIC Brexit warning, and NHS pension tax consultation

Tax / Tax consultations: October 2019

This month’s HMRC and Treasury consultations focus on disclosure of certain cross-border arrangements that could be used to avoid or evade tax, and amendments to new provisions extending taxation of gains accruing to non-UK residents to include disposals of interests in non-residential UK property

Tax / Amendments to rules on ‘UK property rich’ collective investment vehicles

HMRC is consulting on draft amendments to legislation about the taxation of UK property rich collective investment vehicles and their investors, which are designed to ensure the new rules work as intended