The CIOT and ATT have written to HMRC regarding the challenging deadline for providing information under new anti-money laundering legislation for trusts and provide further updates on accessing the Trust Registration Service and the new Agent Services accounts.
The Office of Tax Simplification (OTS) has published a call for evidence regarding whether using accounts depreciation to provide relief for capital expenditure instead of capital allowances would simplify the preparation of corporation tax and income tax computations
The CIOT and ATT agree with the OTS that the time is right to address whether disincorporation relief is achieving its purpose and to investigate what, if anything, can be done to make it more useful and more effective if it continues.
Control of a number of existing social security benefits is being passed from the UK Government to the Scottish Government and the Social Security (Scotland) Bill provides a framework for the creation of the Scottish social security system to deal with these benefits.
The Barclay Review of Business Rates published its final report and recommendations to the Scottish Government at the end of August. The CIOT had provided the review with written and oral evidence during the course of its work on the guiding principles and practicalities behind reform of the system.
The CIOT provided written evidence to the Scottish Parliament’s Finance and Constitution Committee on its inquiry into the economic impact of Brexit. The submission focused on evidence provided to other Scottish Parliamentary committees over the past year that highlighted concerns on the possible tax implications of the UK’s decision to leave the EU.
The European Union (Withdrawal) Bill was published in July 2017. This Bill is intended to be the legal basis of the application of what will become retained EU law in the UK following Brexit. The CIOT welcomes the early publication of this Bill, which provides all interested stakeholders with an opportunity to consider it.