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CIOT response: the Tax Administration Framework review: creating innovative change through new legislative pilots

The CIOT has responded to HMRCā€™s consultation on ā€˜The Tax Administration Framework Review: Creating innovative change through new legislative pilotsā€™ which considers an option to test new policies or processes by making them available in a temporary online environment to a discrete group of taxpayers.

18 Jul 2023 00:00 | Published by a Tolley Owner-Managed Businesses expert

Weekly Roundup HMRC Manuals: 17 July 2023

17 July 2023 - This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.

17 Jul 2023 00:00 | Published by a Tolley Corporation Tax expert

South Yorkshire named as first UK Investment Zone

South Yorkshire has been named as the UKā€™s first Investment Zone focused on Advanced manufacturing.

17 Jul 2023 00:00 | Published by a Tolley Owner-Managed Businesses expert

SI 2023 /772 The Post Office Horizon Shortfall Scheme Top-Up Payments (Tax Exemptions) Regulations 2023 and SI 2023/773 The Social Security (Contributions) (Amendment No. 5) Regulations 2023

These Regulations exempt certain top-up payments made under the Post Office Limitedā€™s Horizon Shortfall Scheme (HSS) from income tax, capital gains tax and Class 1 NICs.

11 Jul 2023 00:00 | Published by a Tolley Employment Tax expert

Weekly roundup of HMRC manual changes: 10 July 2023

10 July 2023 - This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.

10 Jul 2023 00:00 | Published by a Tolley Corporation Tax expert

Finance (No 2) Act 2023: Royal Assent expected on 11 July 2023

Finance (No 2) Act 2023

10 Jul 2023 00:00 | Published by a Tolley Corporation Tax expert

SI 2023/751 The Social Security (Contributions) (Amendment No. 4) Regulations 2023

These regulations extend the deadline for paying voluntary National Insurance Contributions (NICs) for tax years between 6 April 2006 and 5 April 2018 to 5 April 2025.

06 Jul 2023 00:00 | Published by a Tolley Employment Tax expert

SI 2023/748 The International Organisations (Tax Exemptions Designation) (Amendment) Order 2023

This Order amends article 2(1) of the International Organisations (Tax Exemptions Designation) Order, SI 2023/348 (ā€œthe principal Orderā€).

04 Jul 2023 18:30 | Published by a Tolley Owner-Managed Businesses expert

CIOT response: Progress with Making Tax Digital

The CIOT has responded to the House of Commons Public Accounts Committee (PAC) inquiry into Progress with Making Tax Digital.

04 Jul 2023 00:00 | Published by a Tolley Corporation Tax expert

New HMRC guidance on submitting an Economic Crime Levy return

HMRC has published a new guidance page on how to submit a return for the Economic Crime Levy.

04 Jul 2023 00:00 | Published by a Tolley Corporation Tax expert

Weekly roundup of HMRC manual changes: 3 July 2023

3 July 2023 - This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.

03 Jul 2023 00:00 | Published by a Tolley Corporation Tax expert

HMRC increases late-payment interest rates

HMRC is increasing the late-payment interest rate to 7.50% and the repayment rate to 4% from 11 July 2023. Interest on quarterly instalment payments of corporation tax is also increased from 3 July 2023.

03 Jul 2023 00:00 | Published by a Tolley Corporation Tax expert

CIOT response: Stamp Taxes on Shares modernisation

The CIOT has published its response to HMRCā€™s consultation on Stamp Taxes on Shares modernisation.

03 Jul 2023 00:00 | Published by a Tolley Corporation Tax expert

Pension schemes newsletter 151 confirms amendment to Finance (No. 2) Bill clarifying tax treatment of stand-alone lump sums

HMRC has published pension schemes newsletter 151 (June 2023). In particular, the newsletter confirms that following the Spring Budget 2023 announcement that the lifetime allowance charge would be removed from 6 April 2023 and fully abolished from the 2024 to 2025 tax year, the government has amended the Finance (No. 2) Bill to make clear that any amount of a stand-alone lump sum in excess of the 5 April 2023 maximum may still be paid to the member as a stand-alone lump sum, with the excess being subject to the memberā€™s marginal rate of Income Tax. The newsletter also provides further information on the rules that apply to the taxation of stand-alone lump sum payments and how they should be reported.

30 Jun 2023 00:00 | Published by a Tolley Employment Tax expert

Legislation Day 2023: Finance Bill

The Treasury has announced that the Government will publish draft clauses for the next Finance Bill on 18 July 2023.

28 Jun 2023 00:00 | Published by a Tolley Corporation Tax expert

Weekly roundup of HMRC manual changes: 26 June 2023

26 June 2023 - This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.

26 Jun 2023 00:00 | Published by a Tolley Corporation Tax expert

Community Amateur Sports Club Newsletter 2 ā€“ June 2023

HMRC has published Community Amateur Sports Club (CASC) Newsletter 2 ā€“ June 2023.

26 Jun 2023 00:00 | Published by a Tolley Corporation Tax expert

Government responds to Digital Services Tax report

The UK government has responded to the Public Accounts Committeeā€™s report on Digital Services Tax.

23 Jun 2023 00:00 | Published by a Tolley Corporation Tax expert

Finance (No 2) Bill 2023: Lords Bill published

The House of Lords Bill was published late on 21 June 2023, incorporating all changes agreed during the Billā€™s passage through the Commons.

22 Jun 2023 00:00 | Published by a Tolley Corporation Tax expert

Treasury Committee issues report on Tax Simplification

The House of Commons Treasury Committee has published a report on Tax Simplification with several recommendations for government.

20 Jun 2023 00:00 | Published by a Tolley Corporation Tax expert

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Gifts out of surplus income

Gifts out of surplus incomeA valuable exemption from inheritance tax (IHT) applies to gifts out of surplus income. This exemption applies only to lifetime gifts and is therefore a key part of lifetime planning. The exemption applies to both outright gifts and gifts into trust. Gifts which meet the

14 Jul 2020 11:48 | Produced by Tolley in association with Emma Haley at Boodle Hatfield LLP Read more Read more

Gifts with reservation ā€• overview

Gifts with reservation ā€• overviewIntroductionA gift with reservation (GWR) arises when an individual ostensibly makes a gift of his property to another person but retains for himself some or all of the benefit of owning the property. The legislation defines a gift with reservation with reference to

14 Jul 2020 11:48 | Produced by Tolley Read more Read more

Supplies of goods and services connected with education

Supplies of goods and services connected with educationThis guidance note provides an overview of the VAT treatment of goods and services provided in connection with supplies of education. This should be read in conjunction with the following guidance notes:ā€¢Supplies of educationā€¢Local authority

14 Jul 2020 13:44 | Produced by Tolley Read more Read more