The CIOT has responded to HMRC’s technical consultation document on draft legislation to amend ITEPA 2003 Pt 7A and introduce a PAYE and NIC charge on ‘disguised remuneration loans’ outstanding on 5 April 2019
ATT, CIOT and LITRG have responded to the HMRC and HMT consultation document on draft legislation to simplify the income tax and National Insurance contributions (NIC) treatment of termination payments
The government proposes changes to the IR35 rules for public sector workers. The ATT and CIOT have responded, raising concerns about the burdens the proposed policy would place on engagers, workers and the latter’s PSCs.
The government has proposed stopping employers and employees entering into joint NIC elections to transfer secondary class 1 contributions to employees that arise on a gain from exercising particular employment-related securities options. Difficulties with digitalising the process was cited as one reason to withdraw the elections. The CIOT noted fundamental legal and accounting differences between elections and NIC agreements, and recommended keeping the elections. We also suggested a simplified process if digitalisation was a problem.
The way the government offers guidance on financial matters such as pensions and debt is changing. Tax is an often-neglected consideration and the new pensions and general money guidance bodies must address this.