Personal tax

Technical
1 December 2017

These snacks have confusing recipes

Technical
1 December 2017

The non-dom reforms are substantively enacted in Finance (No 2) Act 2017 (which received Royal Assent at the end of November) and take effect from 6 April 2017 but with more anti-avoidance provisions to come in the Winter Finance Bill, the CIOT continues to engage on the changes.

Technical
1 December 2017

From 15 December 2017 taxpayers will no longer be able to make payments to HMRC at the Post Office, and from 13 January 2018 HMRC will no longer be accepting payments made from personal credit cards. In the run-up to the 2016/17 self-assessment payment deadline of 31 January 2018, members with clients who typically use these methods to pay their tax bills should alert them to this change as soon as possible and discuss alternative payment methods with them.

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 October 2017

Discussions about how to administer the law fairly in Scotland, particularly in relation to welfare benefits.

Technical
1 October 2017

Correspondence with HMRC clarifies when trust income is mandated to a beneficiary.

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

Accounts that pay rewards can cause confusion for taxpayers. The LITRG website explains further.

Technical
1 September 2017

HMRC are no longer issuing daily penalties for late NRCGT returns and are withdrawing those already issued.

Technical
1 September 2017

HMRC have created an in-year fix to address errors in the 2016/17 income tax calculator software.