OMB

Technical

Following consultation, the draft provisions introducing the cash basis for the calculation of the taxable profits of property businesses were included in Finance (No. 2) Bill 2017 at Clause 19 and Schedule 5. These provisions were dropped from the pre-election Finance Act 2017. At the time of writing we do not know whether (and from what date) the provisions may be re-introduced. However, as the proposed statutory cash basis for property businesses owes its origin, at least in part, to Making Tax Digital, it is reasonable to assume that it will be re-introduced. Therefore we continue to raise issues with HMRC based on the draft provisions.

Technical
1 June 2017

The CIOT has responded to one aspect of the Housing White Paper that considers land pooling as an effective contribution to assembling land for sustainable development

Technical

The CIOT and LITRG have commented on the draft primary legislation published on 31 January 2017.

Technical
1 March 2017

The CIOT welcomes the fact that HMRC have chosen to consult on the future of the advance assurance service prior to making significant changes to the service, but we are concerned that the consultation is not addressing the root causes of why demand for the service is increasing so much.

Technical

Responses by LITRG and ATT on the new trading and property allowances available from 6 April 2017 highlight the need for clear guidance, the difference in treatment of trading income for tax and universal credit purposes and several detailed practical issues.

Technical
1 March 2017

CIOT continues to seek to ensure that the anti-avoidance rules within Business Investment Relief do not discourage the take up of the relief.

Technical
1 March 2017

On 31 January HMRC published their responses to the six Making Tax Digital (MTD) consultation documents, as well as draft legislation and explanatory notes for some of the measures, a revised impact assessment, and other supporting documents – over 15 separate documents running to around 250 pages. So, even on the busiest day of the tax year, it was hard not to notice them.

Technical
1 January 2017

ER is available in respect of a disposal of a personally held asset that is used in a partnership or a company where the disposal of that asset is associated with a partial or full withdrawal from the business or company. The Finance Act 2016 amendments to TCGA 1992 section 169K has raised an issue around the availability of the relief where interests in property change.

Technical
1 January 2017

Recent developments at the OTS include the appointment of Paul Morton to success John Whiting.

Technical

The CIOT, ATT and LITRG each responded to the six consultation documents issued by HMRC. All three bodies’ submissions had similar overall messages about MTD, while also focusing on specific areas relevant to that body’s particular interest. We have set out below a sample of the key messages from some of the responses, but would invite you to read all responses on our websites.