Tax planning

Tax / Finance Act 2019 comes into force

The Finance Bill 2018-19 received Royal Assent on 12 February 2019 and became Finance Act 2019

Tax / HMRC opens agent services account to overseas applicants

HMRC has published guidance on how to apply for approval to get an agent services account for agent businesses based outside the UK, in an extension of its current functionality

Tax / Indirect disposals of UK land bring non-residents into CGT

Changes to the capital gains tax (CGT) rules on sales of land mean that non-UK residents will be captured by the CGT regime for the first time from April 2019, raising complex tax compliance issues, explains Stephanie Webber CTA, tax writer at Croner-i

Tax / Calls for tax relief to support investigative reporting

The government is being urged to consider proposals for new forms of tax reliefs to encourage payments for online news content and support local and investigative journalism 

Tax / Call to end ‘ridiculous merry-go-round’ on RPI formula

The chairs of two influential Parliamentary select committees have stepped up their campaign to force a change in the way in which the retail price index (RPI) is calculated, to correct a statistical error which means this measure of inflation is flawed

Tax / FTT decision defines DOTAS scheme ‘promoter’

A First Tier Tribunal (FTT) has refused an unusual application by HMRC for an order that a scheme included ‘notifiable’ arrangements under disclosure of tax avoidance schemes (DOTAS) rules, on the grounds that the adviser who provided administration services for the scheme was not a promoter, as HMRC claimed, under the terms of the legislation

Tax / No deal Brexit risk to UK travel companies over TOMS VAT issue

Any UK travel-based businesses operating in the EU after 29 March 2019 could see changes to their VAT accounting under the tour operators margin scheme (TOMS)

Tax / Q&A: self assessment tax return penalties

Angela Robson, tax consultant at Croner Taxwise, outlines and explains what penalties will apply to individuals who failed to file their self assessment tax return before the 31 January deadline

Tax / Overseas property buyers face 1% stamp duty surcharge

HMRC and the Treasury have issued a 12-week consultation looking at how a 1% increase to stamp duty land tax (SDLT) for non-UK residents, including companies and trusts, purchasing residential property would work, with proceeds of the surcharge going towards measures to tackle rough sleeping

Tax / Soft landing for Making Tax Digital for VAT will allow 'cut and paste'

With less than 50 days to go until Making Tax Digital for VAT becomes mandatory for businesses registered for VAT, HMRC has confirmed that companies will be able use a 'cut and paste' approach during the one-year soft landing before companies need to use digital links 

Tax / Inheritance tax liabilities: valuing farm machinery

Accurate probate values are key to assessing inheritance tax (IHT) liabilities on farms, especially when they include development potential or working machinery. Julie Butler FCA, partner at Butler & Co explains the tax implications

Tax / Structures and buildings capital allowance ‘too complex’

The government should consider simplifying its planned structures and buildings allowance (SBA) designed to encourage investment in the construction and renovation of commercial buildings, as the current proposals are too complex, CIOT has said

Tax / Edinburgh first UK city to plan ‘tourist tax’

Edinburgh is set to become the first UK local authority to introduce a ‘tourist tax’ after councillors agreed a proposal for a Transient Visitor Levy (TVL) scheme, which could be introduced next year if it wins approval by the Scottish government

Tax / Hike in probate fees set to go ahead despite opposition

Probate fees are set to be hiked up to £6,000 for the largest estates as the government plans to overhaul the death tax from April 2019, a measure delayed from 2017 due to the early general election

Tax / Saying ‘I do’ to Valentine’s tax benefits

As couples around the UK get ready for Valentine’s Day, for those wondering whether this is the moment to ‘pop the question’, the ICAEW says that while it may not be the most romantic reason to propose, getting married or entering a civil partnership could have tax benefits