OMB

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.

Technical
1 December 2016

When completing a Self-Assessment (SA) tax return for an individual with both employed and self-employed earnings it is necessary to consider the Class 1, 2 and 4 annual maximum. Although HMRC say that they will automatically carry out this calculation on receipt of the SA return this requires the individual’s NIC record to be complete. Any errors or omissions from the record are likely to result in HMRC asking for the wrong amount.

Technical
1 October 2016

The CIOT supports widening the scope of the substantial shareholding exemption (SSE).

Technical
1 October 2016

The proposed changes to the rules dealing with corporation tax loss relief will have winners and losers and what is proposed is far from simple.