The report stage and third reading in the House of Commons for the Corporation Tax (Northern Ireland) Bill has been scheduled for 4 March 2015.
Pension flexibility draft legislation
HMRC is consulting until 4 March 2015 on draft legislation for changes announced at Autumn Statement 2014 allowing any nominated beneficiaries, including non-dependants, to receive payments from an annuity on the death of a member. These beneficiaries’ annuities will be tax-free on the death of an individual before age 75. These changes supplement the Taxation of Pensions Act 2014, which introduced similar flexibility in relation to drawdown payments..
Marriage allowance
HMRC has issued a briefing on the transferable marriage allowance which comes into force from 6 April 2015. Spouses and civil partners with income below the income tax personal allowance can now register their interest online in transferring £1,060 of this allowance to their partner with effect from 6 April 2015. A formal application will still need to be made online after 6 April 2015. From 2016/17, the transferable amount will be 10% of the personal allowance for those born after 5 April 1938.
EU VAT Forum
With the term of office of the current members of the EU VAT Forum expiring on 30 September 2015, the EC is calling for fresh applications to the EU VAT Forum with a view to selecting members representing business or tax practitioners. The EU VAT Forum is a structured dialogue platform to improve the relationship between the business and tax authorities in order to create conditions for a smoother functioning of the present VAT system in the EU, reducing costs and administrative burden on both sides.
Draft Scottish regulations
The following updated drafts of Scottish regulations were published on 19 February:
The Revenue Scotland and Tax Powers Act (Reimbursement Arrangements) Regulations, SI 2015/Draft, which specify the steps a taxpayer claiming repayment of tax from Revenue Scotland must take from 1 April 2015 to reimburse customers who have ultimately borne the cost of paying the tax, to demonstrate that the claimant is not unjustly enriched by the repayment. A claimant will have 90 days to make the reimbursements.
The Revenue Scotland and Tax Powers Act (Record Keeping) Regulations, SI 2015/Draft, which specify records which taxpayers must keep in relation to landfill tax in Scotland from 1 April 2015. They also specify records which the buyer must keep in relation to non-notifiable transactions for land and buildings transaction tax.
The Revenue Scotland and Tax Powers Act (Interest on Unpaid Tax and Interest Rates in General) Regulations, SI 2015/Draft, which set out the relevant dates from which interest will run on unpaid devolved taxes in Scotland, including where a taxpayer has died, with effect from 1 April 2015. The rate for late payment of tax will be the Bank of England rate plus 2.5%. The repayment rate will be the higher of 0.5% and the Bank of England rate.
The Scottish Landfill Tax (Administration) Amendment Regulations, SI 2015/Draft. Under these draft Regulations, a weighbridge must be used to weigh disposals if a working one is available on site. This is designed to help ensure the accuracy of tax returns and so Scottish landfill tax is applied fairly across all sites. Applications can be made to Revenue Scotland for alternative weighing arrangements. Failure to comply with the weighing requirements may result in an inaccurate return penalty.
HMRC guidance
The following has been published on HMRC’s website:
Monthly figures for HMRC tax receipts and national insurance contributions for the UK;
Announcements in 2015 of changes to the UK double taxation treaties (to Monaco, Croatia and Algeria);
Guidance on advisory fuel rates;
Professional bodies approved for tax relief list (list 3).
The report stage and third reading in the House of Commons for the Corporation Tax (Northern Ireland) Bill has been scheduled for 4 March 2015.
Pension flexibility draft legislation
HMRC is consulting until 4 March 2015 on draft legislation for changes announced at Autumn Statement 2014 allowing any nominated beneficiaries, including non-dependants, to receive payments from an annuity on the death of a member. These beneficiaries’ annuities will be tax-free on the death of an individual before age 75. These changes supplement the Taxation of Pensions Act 2014, which introduced similar flexibility in relation to drawdown payments..
Marriage allowance
HMRC has issued a briefing on the transferable marriage allowance which comes into force from 6 April 2015. Spouses and civil partners with income below the income tax personal allowance can now register their interest online in transferring £1,060 of this allowance to their partner with effect from 6 April 2015. A formal application will still need to be made online after 6 April 2015. From 2016/17, the transferable amount will be 10% of the personal allowance for those born after 5 April 1938.
EU VAT Forum
With the term of office of the current members of the EU VAT Forum expiring on 30 September 2015, the EC is calling for fresh applications to the EU VAT Forum with a view to selecting members representing business or tax practitioners. The EU VAT Forum is a structured dialogue platform to improve the relationship between the business and tax authorities in order to create conditions for a smoother functioning of the present VAT system in the EU, reducing costs and administrative burden on both sides.
Draft Scottish regulations
The following updated drafts of Scottish regulations were published on 19 February:
The Revenue Scotland and Tax Powers Act (Reimbursement Arrangements) Regulations, SI 2015/Draft, which specify the steps a taxpayer claiming repayment of tax from Revenue Scotland must take from 1 April 2015 to reimburse customers who have ultimately borne the cost of paying the tax, to demonstrate that the claimant is not unjustly enriched by the repayment. A claimant will have 90 days to make the reimbursements.
The Revenue Scotland and Tax Powers Act (Record Keeping) Regulations, SI 2015/Draft, which specify records which taxpayers must keep in relation to landfill tax in Scotland from 1 April 2015. They also specify records which the buyer must keep in relation to non-notifiable transactions for land and buildings transaction tax.
The Revenue Scotland and Tax Powers Act (Interest on Unpaid Tax and Interest Rates in General) Regulations, SI 2015/Draft, which set out the relevant dates from which interest will run on unpaid devolved taxes in Scotland, including where a taxpayer has died, with effect from 1 April 2015. The rate for late payment of tax will be the Bank of England rate plus 2.5%. The repayment rate will be the higher of 0.5% and the Bank of England rate.
The Scottish Landfill Tax (Administration) Amendment Regulations, SI 2015/Draft. Under these draft Regulations, a weighbridge must be used to weigh disposals if a working one is available on site. This is designed to help ensure the accuracy of tax returns and so Scottish landfill tax is applied fairly across all sites. Applications can be made to Revenue Scotland for alternative weighing arrangements. Failure to comply with the weighing requirements may result in an inaccurate return penalty.
HMRC guidance
The following has been published on HMRC’s website:
Monthly figures for HMRC tax receipts and national insurance contributions for the UK;
Announcements in 2015 of changes to the UK double taxation treaties (to Monaco, Croatia and Algeria);
Guidance on advisory fuel rates;
Professional bodies approved for tax relief list (list 3).
.jpg?sfvrsn=335a554c_0 "300 x 250 (MPU)")