OMB

Technical
1 December 2017

The CIOT and ATT have each written to HMRC to express their concerns over the guidance published on the distributions on company winding up (or phoenixing) Targeted Anti-Avoidance Rule (TAAR) introduced by Finance Act 2016.

Technical
1 December 2017

These snacks have confusing recipes

Technical
1 November 2017

The CIOT responded to the Treasury consultation ‘Financing growth in innovative firms’, part of the government’s Patient Capital Review, considering barriers to accessing long-term investment (patient capital) for the development of young innovative firms.

Technical
1 November 2017

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

Technical
1 November 2017

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.

Technical
1 November 2017

HMRC have recently issued a consultation document ‘Large Business compliance – enhancing our risk assessment approach’.

Technical

The CIOT commented on the draft legislation published in July 2017 in relation to non-doms and substantial shareholding exemption (SSE); these provisions are now incorporated into Finance (No 2) Bill 2017 published on 8 September 2017. In addition, the draft legislation published in July reflected a change that the CIOT had recommended in relation to hybrid mismatch arrangements. The Finance (No 2) Bill 2017 also reflects a change to SSE rules which addresses the concern we raised.

Technical
1 September 2017

HMRC have published their long awaited guidance on the distributions on company winding up (or phoenixing) Targeted Anti-Avoidance Rule (TAAR) introduced by Finance Act 2016.

Technical
1 September 2017

The CIOT would welcome your comments on HMT’s consultation on ‘patient capital’ which is defined as ‘long-term investment in innovative firms led by ambitious entrepreneurs who want to build large-scale businesses’. This includes consideration of many tax reliefs which play a role in promoting entrepreneurship including EIS, SEIS, VCTs, Entrepreneurs’ Relief and Business Property Relief.

Technical
1 September 2017

The Office of Tax Simplification (OTS) has published a focus paper calling for views on whether disincorporation relief (which is due to expire on 31 March 2018) is achieving its purpose.