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Representatives from the CIOT and ATT gave evidence to the House of Lords Finance Bill Sub-Committee’s inquiry into the draft Finance Bill 2023-24 (see tinyurl

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.

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

Following completion of an evaluation of the model earlier this year, HMRC have confirmed that they will continue with the temporary Customer Compliance Manager (tCCM) model as part of their overal

The CIOT strongly supports taking a robust approach to those who continue to promote tax avoidance schemes but this needs to be done in a way that has due process with adequate safeguards and appro

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:

The apparent ‘misnaming’ of the two types of relief do not help employers to get things right: a ‘net pay arrangement’ (NPA) sees contributions being deducted from gross income; and a ‘rel