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Trivial benefits

Our first Autumn Statement representation dealt with two aspects of the trivial benefits exemption in the Income Tax (Earnings and Pension) Act 2003 s 323A: revising

The CIOT took the November Autumn Statement as a further opportunity to call for greater recognition within tax legislation for cryptoassets.

The complicated world of tax planning is shaped not only by evolving legislation but evolving perceptions, creating challenges and opportunities for both taxpayer and agent alike.

Following the Wales Act 2014, the Senedd Cymru (the Welsh parliament) has control of local taxes (business rates and council tax), land transaction tax (the devolved equivalent to stamp duty l

The next step on the international reporting road takes place on 1 January 2024, when platforms will be required to start keeping records of those selling goods or services and report details

On 18 July 2023, several consultations were launched as part of ‘Legislation Day’ (or ‘L-Day’); one of these concerned the tax treatment of Employee Ownership Trusts (EOTs) and Employee Benefit Tru

Basis period reform will start from the 2024/25 tax year, with 2023/24 being a transitional tax year so that all unincorporated businesses move to reporting their business profits on a tax year bas

The attempts of employees (typically, directors) to extract funds from their companies in a tax-efficient fashion and the attempts of the authorities to thwart such arrangements are likely to

The draft regulations themselves have not yet been published, but HMRC’s policy paper published at the same time as the draft legislation indicates that the government will require businesses to pr

Our response, which can be read in full at www.tax.org.uk/ref1185, covered the following matters: