Tax

Tax / Treasury releases 10-year digital tax strategy

Alongside the Finance Bill 2020-21 draft legislation, the government has released details of an ambitious ten-year strategy to create ‘a tax system fit for the challenges and opportunities of the 21st century’, with a strong focus on increased use of technology and moves to real-time reporting and tax payments

Tax / Early tax planning vital for those fleeing Hong Kong for UK life

Navigating the UK tax system for Hong Kong investors, immigrants and BN(O) passport holders can be very complex, as rules change and poor planning create extra tax bills, says Alfred Liu, senior associate at law firm Forsters

Tax / Finance Bill 2020-21: changes to tax treatment of termination payments

The government intends to bring in measures to remove unintended outcomes and bring fairness and clarity to the current legislation on termination payments, by making it clear that individuals will not receive less favourable tax treatment depending on their contract or residency

Tax / Finance Bill 2020-21: amendments to HMRC’s civil information powers

HMRC is to be given new powers to issue a financial institution notice (FIN) requiring financial institutions to provide information about a specific taxpayer when requested, without the need for approval from the tax tribunal, in a bid to bring the UK into line with international standards on the quality and speed of exchange of tax information

Tax / Finance Bill 2020-21: ATED and SDLT relief for housing co-ops

HMRC has announced relief for housing co-operatives from Annual Tax on Enveloped Dwellings (ATED) and Stamp Duty Land Tax (SDLT)

Tax / Finance Bill 2020-21: tackling promoters and enablers of tax avoidance schemes

The government has signalled its intention to crack down harder on the promotors and enablers of tax avoidance schemes, with proposals for wider information powers for HMRC and tougher sanctions included in Finance Bill 2020-21

Tax / Finance Bill 2020-21: New SDLT rates for non-UK residents

HMRC has issued draft legislation for 2% additional stamp duty land tax (SDLT) for non-UK resident purchasers of residential property, set to be introduced from 1 April 2021 and forecast to raise £250m over five years

Tax / Finance Bill 2020-21: Making Tax Digital to be extended

HMRC’s flagship Making Tax Digital online quarterly reporting is to be significantly extended, with legislation in the Finance Bill 2020-21 bringing all VAT-registered businesses into the system from April 2022, and plans to include income tax self-assessment from April 2023

Tax / Finance Bill 2020–21: tax checks on licence renewal applications

The government is introducing new tax checks on licence renewals in the taxi and private vehicle hire and scrap metal sectors, in a bid to address issues with the hidden economy, and expects to see a £155m increase in tax paid over the next four years

Tax / Finance Bill 2020–21: digitisation of tax administration is key

The government has published Finance Bill 2020–21, which includes significant extensions to the Making Tax Digital regime, tougher action on tax avoidance promotors, additional stamp duty land tax (SDLT) charges and action on the hidden economy, alongside details of a ten-year tax administration strategy

Tax / Treasury moves to regulate cryptoasset promotions

The Treasury is consulting on plans for the Financial Conduct Authority (FCA) to regulate the promotion of certain types of cryptoassets for the first time, and to strengthen its role in approving financial promotions by unauthorised firms

Tax / Q&A: inheritance tax on a deed of variation

In our regular Q&A series from Croner Taxwise, tax consultant, David Woolley explores the inheritance tax implications of applying a deed of variation

Tax / Revamped student loans payment service dubbed ‘irresponsible’

The Student Loans Company’s (SLC’s) launch of an online repayment service with a tool allowing graduates to make early lump sum voluntary repayments without signing into their account has been slammed as ‘irresponsible and dangerous’ by leading consumer rights campaigner Martin Lewis

Tax / MPs call for closer monitoring of tax reliefs

The Public Accounts Committee (PAC) is calling for much closer and more systematic monitoring and evaluation of tax reliefs, claiming that the government does not know enough about their cost, whether they work, or if they offer value for money

Tax / UK overseas territories to make company beneficial ownership details public

Eight of the UK’s overseas territories have committed to introducing publicly accessible registers of company beneficial ownership within the next three years as part of attempts to improve financial transparency, leaving the British Virgin Islands (BVI) as the only significant financial centre still to do so
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