Law and regulation

Tax / HMRC ordered to delete illegally held voice records

HMRC has been given 28 days to delete an estimated five million taxpayer biometric ‘voice prints’ obtained from callers to its helplines, after an investigation by the Information Commissioner’s Office (ICO) found they were being held illegally in contravention of data protection rules

Tax / What you need to know: diverted profits tax – part 1

In the first of a three part series on the diverted profits tax (DPT), Mark Cawthron LLB CTA, tax writer at Croner-I considers whether it has acted as a deterrent to multinationals attempting to mitigate their tax bills and compliance issues

Tax / French tax rates for high net worth individuals lowered

The French finance bill for 2019 adjusted the general 30% flat tax on financial incomes, the real estate wealth tax and the business transmission tax regime for high net worth individuals in a bid to keep more wealthy French at home. Benoît Couty, partner at Pichard & Associés, examines the changes

Tax / Penalty perils for early enrolment for Making Tax Digital

Businesses that have already signed up for Making Tax Digital for VAT but are yet to file their latest VAT return need to act quickly to avoid possible penalties if they encounter problems making VAT payments on time, the Association of Taxation Technicians (ATT) is warning

Tax / Termination award tax change from April 2020

Rules set to come into force in 2020 will align the income tax and national insurance contributions (NICs) on termination awards and sporting testimonials, closing a current loophole, which allows effective tax planning

Tax / Criminal Finances Act 2017: facilitation of tax evasion rules

HMRC is ramping up its action against businesses which fail to prevent facilitation of tax evasion by staff, but compliance levels are low. Businesses should act now given the risk of corporate criminal investigations, explains Ben Jones, tax partner at Eversheds Sutherland

Tax / HMRC’s direct recovery of debt powers bring in £178m tax

HMRC is claiming the new direct recovery of debt (DRD) powers to recover money owed directly from individuals’ bank and building society accounts have raised £178m of tax revenue, against a background of a low volume of complaints, objections or appeals, with the majority settling before direct intervention was needed

Tax / Treasury consults on extension of Money Laundering Directive to tax advice

The Treasury has issued a consultation on plans to introduce the EU’s Fifth Money Laundering Directive into UK law, which will bring tax advice into the remit for the first time 

Tax / Compliance fears drive increased use of tax technology

Company boards are increasingly concerned about tax compliance and planning, partly because of initiatives such as Making Tax Digital for VAT and automatic exchange of tax information, driving a 20% hike in investment in tax technology

Tax / Tax compliance and loss relief for worthless assets

Stephanie Webber ACA CTA examines the tax compliance issues for assets that have become worthless, considering capital gains tax liability, tangible and intangible assets, negligible value claims and crystallising losses under Taxation of Chargeable Gains Act 1992

Tax / Treasury revises oil and gas tax history compliance

The Treasury has published detail of the alternative schedule to the decommissioning relief deed (DRD) that oil and gas companies are required to sign before they elect to transfer their tax history

Tax / McCann: loan charge and time limits seem retrospective

Technically, the disguised remuneration loan charge is a retroactive rather than retrospective tax measure, but ill-thought legislation undermines the principle of certainty for taxpayers, warns Ray McCann CTA (Fellow), president of CIOT

Tax / IRS failing to deal with overseas assets data

The US tax authorities are having trouble dealing with the information they receive from foreign banks about US taxpayer assets under the Foreign Account Tax Compliance Act (FATCA) because of problems with the data and various mismatches, according to a report from the Government Accountability Office (GAO)

Tax / Accountants need single Agent Services Account for Making Tax Digital

HMRC has issued guidance for tax agents and accountants confirming that firms will need to create a single agent services account (ASA) for the whole practice to sign up clients to Making Tax Digital for VAT, stressing that once a client is signed up it is not possible to opt out of mandatory digital reporting

Tax / Guidance on share scheme valuations updated

HMRC has updated its guidance for those operating enterprise management incentives (EMIs) or a share incentive plan (SIP) regarding the length of time the valuations from HMRC’s shares and assets valuation service (SAV) are valid
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