Technical

Technical
1 October 2018

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 .

Technical
1 October 2018

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.

Technical

This month, in our series of articles about the different technical committees, ATT Technical Officers Emma Rawson, Will Silsby and Helen Thornley outline the work of the ATT’s Technical Steering Group (TSG) and its VAT sub-group.

Technical
1 September 2018

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.

Technical
1 September 2018

There is an error in HMRC’s 2017/18 self-assessment (SA) tax calculation in respect of Scottish taxpayers who are taxable on the remittance basis, so that the main UK tax rates, rather than the Scottish rate of income tax (SRIT), is applied in the 2017/18 SA tax calculation, for any remittance basis Scottish taxpayers. The result is that the tax on income subject to the SRIT is being understated. The error has been recognised by HMRC and an SA online filing exclusion created.

Technical
1 September 2018

Auto enrolment is now business as usual and is widely regarded as a success. However, this success is at risk of being undermined by the fact that increasing numbers of workers are not receiving any tax relief to help make up their contribution amount.

Technical
1 September 2018

HMRC published a consultation, looking at simplifying the tax and administrative treatment of short term business visitors (STBV) from foreign permanent establishments (‘overseas branches’) of UK companies. The CIOT has responded to HMRC and recommended that government both introduce a new tax exemption for STBVs from overseas branches and extend the PAYE special arrangement UK workday rule for STBVs from non-treaty countries.

Technical
1 September 2018

CIOT has continued to liaise with HMRC in relation to the draft legislation on the domestic reverse charge for the construction sector and will continue to do so in relation to the required guidance.

Technical
1 September 2018

On 27 April 2018 the OTS announced its review of inheritance tax (IHT), to explore simplification opportunities across the existing legislative framework and the administrative processes through which taxpayers interact with HMRC. CIOT has met with the OTS to feed in its views.

Technical
1 September 2018

Following discussions between CIOT and HMRC, HMRC made some changes in July to their guidance on the application of the Distributions in a winding up targeted anti-avoidance rule (TAAR) in ITTOIA 2005 s396B.