State pension and the annual taxable figure
LITRG is hearing from more and more people who are unsure about their state pension tax obligations.
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Loans to participators: charge on upstream loans
Where a loan to a participator in a close company remains outstanding nine months after the balance sheet date, the company making the loan is required to make a payment to HMRC equivalent to33.75%
The Penalties for Failure to Pay Tax (Assessments) Regulations 2024
Currently, the legislation allows HMRC to assess the second late payment penalty once, when the amount of outstanding tax is paid in full, within a two-year assessment time limit.
HMRC one to many agent letters: guidance for CIOT members
In recent years, HMRC have been increasing their use of one to many (OTM) letters in their compliance approach.
Archiving of HMRC manuals
HMRC say that Ocelot is more user-friendly for caseworkers, setting out information on a single platform with task-based procedural guidance that is easier to follow than the manual format.
Welsh land transaction tax consultation
The Welsh government recently consulted on proposals to abolish land transaction tax(LTT) multiple dwellings relief (MDR) following the UK government’s decision to abolish the equivalent relief for
Finance (No.2) Bill 2024: CIOT briefings on property and transfers of assets abroad
Finance (No.2) Act 2024received Royal Assent on 24 May 2024.
Making disclosures to HMRC: Guidance for CIOT members
Members may be asked by clients or potential clients to provide advice, guidance and support to enable the person or business to make a disclosure to HMRC.