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.
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Shariah compliant refinancing and capital gains tax
In 2018, the CIOT made a proactive submission to HMRC about the capital gains tax (CGT) trap on refinancing property using alternative (Shariah compliant) finance (see Mohammed Amin’s article in
R&D compliance activity and HMRC engagement: CIOT update for members
CIOT continues to engage with HMRC to address the challenges arising because of the ‘volume compliance’ approach for enquiries into R&D tax relief claims.
VAT and voluntary carbon credits
HMRC published Revenue and Customs Brief 7 (2024) VAT treatment of voluntary carbon credits (tinyurl.com/53pydsuy) on 9 May, which confirms that v
Introducing the new UK carbon border adjustment mechanism
HM Treasury and HMRC launched their joint ‘Consultation on the introduction of a UK carbon border adjustment mechanism’ (CBAM)
Uncertainties when applying ESC D32
The CIOT has written to HMRC about uncertainties in the application of ESC D32 on the incorporation of a business, where an individual transfers the whole of the assets and liabilities to a company
R&D new merged scheme: CIOT and ATT comment on draft guidance
The start date for the new merged research and development (R&D) scheme was confirmed early in March: the new scheme will apply for accounting periods beginning on or after 1 April 2024.
Making Tax Digital for Income Tax
Following the announcement in December 2022 that Making Tax Digital for Income Tax Self-Assessment (MTD ITSA) for those with income over £30,000 would be deferred, HMRC undertook a Small Business R
Finance Bill 2023-24 Briefings: Cash basis, evasion and avoidance, information to be contained in returns
Clause 16 and Schedule 10: Calculation of trade profits, etc. (cash basis)
The legislation removes several restrictions in the cash basis with effect from the tax year 2024/25.