Consultations: July 2019

This month's HMRC and Treasury consultations focus on a review of the effectiveness of social investment tax relief, draft legislation for extending offshore receipts for intangible property and an overhaul of Companies House' business disclosure regime

Operation of insurance premium tax (IPT)

Issued: 3 Jun 2019
Closing date: 17 Jul 2019

HMRC is consulting on the operation of insurance premium tax (IPT) in a bid to stop artificial manipulation of fees and commission to avoid the tax and is considering anti-avoidance measures. HMRC is also considering changing the IPT registration requirements for insurance groups with overseas members, potentially removing the requirement to have a UK resident director. The commission and fee structure is also under review.


Social investment tax relief – call for evidence

Issued: 24 Apr 2019
Closing date: 17 Jul 2019

The Treasury has published a call for evidence on the social investment tax relief (SITR), in a bid to understand the impact of the scheme which has been substantially under-used and is currently due to end in two years’ time.


Offshore receipts in respect of intangible property – draft legislation

Issued: 24 May 2019
Closing date: 19 Jul 2019

The government is consulting on draft legislation to extend the scope of royalty withholding tax by charging multinationals income tax on offshore receipts related to intangible property (ORIP) including brands, copyright and patents. The consultation focuses on rules to extend the types of income on which non-UK residents are liable to UK income tax, set out in Finance Act 2019. The rules extend current withholding tax on royalties and are retrospective, effective from 6 April 2019. The measure is targeted primarily at large multinationals resident in low tax jurisdictions.


Companies House consultation: Corporate transparency and register reform 

Issued: 5 May 2019
Closing date: 5 Aug 2019

The government is planning major changes to the Companies House working model and approach which, if implemented in full, would amount to the most significant reform of the UK’s company registration framework in over 100 years. The aim of the wide-ranging proposals, set out in detail in an 80-page consultation document, is to limit the risk of fraud and misuse of information, by widening the information companies are required to disclose, increasing the checks on this information,  and introducing measures to improve the exchange of intelligence between Companies House, HMRC and UK law enforcement bodies.


Draft legislation: employment allowance eligibility reforms

Issued: 25 Jun 2019
Closing date: 20 Aug 2019

HMRC is now consulting on draft legislation to restrict access to the employment allowance for a tax year to employers with secondary Class 1 National Insurance contributions (NICs) liabilities below £100,000 in the previous tax year. Employment allowance is a relief which entitles most businesses and charities to a reduction in their secondary Class 1 NICs liabilities of up to £3,000 per year. From April 2020, it will be administered as de minimis state aid in order to ensure compliance with EU state aid rules.


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