The chancellor has confirmed that Budget 2015 will take place on Wednesday 18 March 2015. The announcement was made to the Treasury Select Committee on 17 December 2014 at its evidence session on the Autumn Statement.
HMRC is consulting until 10 February 2015 on options for restricting the availability of tax relief for home-to-work travel of workers engaged by employment agencies and umbrella companies under employment contracts involving multiple temporary work placements. The two main options under consideration are:
Following consultation, HMRC has decided to postpone changes to the PAYE regulations which would have allowed it to delay issuing employee coding notices for up to 30 days. Plans for electronic coding notices will go ahead, as will removal of the requirement to issue notices of coding to individuals where there is no liability to tax.
The Changes in Accounting Standards (Loan Relationships and Derivative Contracts) Regulations, SI 2014/3325, amend the ‘disregard regulations’ to preserve the existing tax treatment for loans treated as permanent-as-equity on transition to ‘new UK GAAP’ on 1 January 2015. Permanent-as-equity loans are where a company lends money in a foreign currency to an overseas subsidiary, but there are no plans for it to be repaid. The company will not need to bring a credit or debit into account on transition to the new accounting standards. Subsequent exchange gains and losses will be brought into account on the disposal of the loan asset. HMRC consulted on drafts of these regulations in August and November, together with two other sets of draft amending regulations.
The Community Amateur Sports Clubs (Exemptions) Order, SI 2014/3327, increases the corporation tax exemption thresholds for community amateur sports clubs from £30,000 to £50,000 for UK trading income and from £20,000 to £30,000 for UK property income, with effect for accounting periods beginning on or after 1 April 2015. The government consulted on a draft of this order between October and November 2014.
The value of the retail price index for November 2014 is 257.1. The figure is used in calculating indexation allowance on chargeable gains for corporation tax purposes.
Revenue and Customs Brief 49/2014 provides guidance for businesses on how to account for VAT where a prompt payment discount is taken up after 1 April 2015, when new legislation takes effect for supplies requiring the issue of an invoice. Following consultation, HMRC confirmed that it will accept suitable alternatives to the issue of credit notes or revised invoices. This brief sets out the alternatives, including an example prompt payment discount invoice.
The Finance Act 2009, Schedules 55 and 56 and Sections 101 and 102 (Stamp Duty Reserve Tax) (Appointed Days, Consequential and Transitional Provision) (Amendment) Order, SI 2014/3346, makes drafting improvements to SI 2014/3269, which brings into force for SDRT the harmonised interest and penalty regimes for late filing of returns and late payment of tax introduced by FA 2009, with effect from 1 January 2015.
HMRC is consulting until 31 March 2015 on proposals to introduce electronic communications for customs clearance of goods at all UK airports and ports, specifically those which do not yet have electronic processing capability, known as ‘inventory linking’. From 1 June 2016, European law will require all communication between customs authorities and economic operators to be made electronically.
The Finance Act 2009, Sections 101 and 102 (Remote Gambling Taxes) (Appointed Day) Order, SI 2014/3324, appoints 1 January 2015 as the date on which the FA 2009 provisions on late payment interest and repayment interest come into effect in relation to general betting duty, pool betting duty and remote gaming duty.
The Tax Credits (Exercise of Functions) Order, SI 2014/3280, will allow the DWP to collect tax credit debt concurrently with HMRC, with effect from 1 April 2015, using methods including deduction from benefit and direct earnings attachment. This is being done to prepare for the phased replacement of tax credits by universal credit, which will remove HMRC's ability to recover tax credit debts by current methods, such as by adjustment to on-going tax credit awards.
Both the Taxation of Pensions Act 2014 and the Wales Act received royal assent on 17 December 2014.
HMRC has extended the closing date for the contractor loans settlement opportunity to 30 June 2015. This was originally due to end on 9 January 2015. HMRC has also provided more information on some specific issues, including: accelerated payment notices; discovery assessments; relevance of recent decisions involving EBTs; transfer of assets abroad rules and EU law; IHT and trusts; and instalment payment terms in case of hardship.
HMRC has published for consultation until 20 January 2015 draft regulations – the Bank Levy (Double Taxation Arrangements) (Netherlands) Regulations, SI 2014/XXXX – providing for double taxation relief (DTR) in respect of the Netherlands bank tax paid by groups or entities for which the Netherlands is the home state, against the bank levy charged in the UK. The governments of the UK and the Netherlands signed a double taxation convention on bank taxes in June 2013, which has not yet entered into force.
HMRC has published the following:
The chancellor has confirmed that Budget 2015 will take place on Wednesday 18 March 2015. The announcement was made to the Treasury Select Committee on 17 December 2014 at its evidence session on the Autumn Statement.
HMRC is consulting until 10 February 2015 on options for restricting the availability of tax relief for home-to-work travel of workers engaged by employment agencies and umbrella companies under employment contracts involving multiple temporary work placements. The two main options under consideration are:
Following consultation, HMRC has decided to postpone changes to the PAYE regulations which would have allowed it to delay issuing employee coding notices for up to 30 days. Plans for electronic coding notices will go ahead, as will removal of the requirement to issue notices of coding to individuals where there is no liability to tax.
The Changes in Accounting Standards (Loan Relationships and Derivative Contracts) Regulations, SI 2014/3325, amend the ‘disregard regulations’ to preserve the existing tax treatment for loans treated as permanent-as-equity on transition to ‘new UK GAAP’ on 1 January 2015. Permanent-as-equity loans are where a company lends money in a foreign currency to an overseas subsidiary, but there are no plans for it to be repaid. The company will not need to bring a credit or debit into account on transition to the new accounting standards. Subsequent exchange gains and losses will be brought into account on the disposal of the loan asset. HMRC consulted on drafts of these regulations in August and November, together with two other sets of draft amending regulations.
The Community Amateur Sports Clubs (Exemptions) Order, SI 2014/3327, increases the corporation tax exemption thresholds for community amateur sports clubs from £30,000 to £50,000 for UK trading income and from £20,000 to £30,000 for UK property income, with effect for accounting periods beginning on or after 1 April 2015. The government consulted on a draft of this order between October and November 2014.
The value of the retail price index for November 2014 is 257.1. The figure is used in calculating indexation allowance on chargeable gains for corporation tax purposes.
Revenue and Customs Brief 49/2014 provides guidance for businesses on how to account for VAT where a prompt payment discount is taken up after 1 April 2015, when new legislation takes effect for supplies requiring the issue of an invoice. Following consultation, HMRC confirmed that it will accept suitable alternatives to the issue of credit notes or revised invoices. This brief sets out the alternatives, including an example prompt payment discount invoice.
The Finance Act 2009, Schedules 55 and 56 and Sections 101 and 102 (Stamp Duty Reserve Tax) (Appointed Days, Consequential and Transitional Provision) (Amendment) Order, SI 2014/3346, makes drafting improvements to SI 2014/3269, which brings into force for SDRT the harmonised interest and penalty regimes for late filing of returns and late payment of tax introduced by FA 2009, with effect from 1 January 2015.
HMRC is consulting until 31 March 2015 on proposals to introduce electronic communications for customs clearance of goods at all UK airports and ports, specifically those which do not yet have electronic processing capability, known as ‘inventory linking’. From 1 June 2016, European law will require all communication between customs authorities and economic operators to be made electronically.
The Finance Act 2009, Sections 101 and 102 (Remote Gambling Taxes) (Appointed Day) Order, SI 2014/3324, appoints 1 January 2015 as the date on which the FA 2009 provisions on late payment interest and repayment interest come into effect in relation to general betting duty, pool betting duty and remote gaming duty.
The Tax Credits (Exercise of Functions) Order, SI 2014/3280, will allow the DWP to collect tax credit debt concurrently with HMRC, with effect from 1 April 2015, using methods including deduction from benefit and direct earnings attachment. This is being done to prepare for the phased replacement of tax credits by universal credit, which will remove HMRC's ability to recover tax credit debts by current methods, such as by adjustment to on-going tax credit awards.
Both the Taxation of Pensions Act 2014 and the Wales Act received royal assent on 17 December 2014.
HMRC has extended the closing date for the contractor loans settlement opportunity to 30 June 2015. This was originally due to end on 9 January 2015. HMRC has also provided more information on some specific issues, including: accelerated payment notices; discovery assessments; relevance of recent decisions involving EBTs; transfer of assets abroad rules and EU law; IHT and trusts; and instalment payment terms in case of hardship.
HMRC has published for consultation until 20 January 2015 draft regulations – the Bank Levy (Double Taxation Arrangements) (Netherlands) Regulations, SI 2014/XXXX – providing for double taxation relief (DTR) in respect of the Netherlands bank tax paid by groups or entities for which the Netherlands is the home state, against the bank levy charged in the UK. The governments of the UK and the Netherlands signed a double taxation convention on bank taxes in June 2013, which has not yet entered into force.
HMRC has published the following:
.jpg?sfvrsn=335a554c_0 "300 x 250 (MPU)")
