The Finance Bill contains provisions to determine the tax treatment of social security income, and, in particular, the social security benefits devolved to Scotland, following LITRG discussions with the Scottish government.
The Welsh Government has confirmed its intention to set Welsh income tax rates from April 2019. HMRC will continue to collect the tax and has issued a short consultation on draft statutory instruments alongside a technical note to which LITRG and the CIOT have responded, highlighting some of the issues around implementation.
The CIOT and ATT have considered FB 2018-19 consultative clause 15 Entrepreneurs’ Relief (company ceasing to be individual’s personal company, inserting new Chapter 3A in Part 5 TCGA 1992) and some aspects of the consultation response .
The CIOT has submitted comments on the very significant changes proposed to bring gains on interests in UK land by non-UK residents into charge to capital gains tax and the draft provisions in FB 2018–19 and some aspects of the government’s consultation response.
The CIOT responded to a Scottish Government consultation on the potential introduction of reliefs from Land and Buildings Transaction Tax for the seeding of property assets into certain types of property investment fund and for when units in a Co-Ownership Authorised Contractual Scheme are traded.