HMRC has issued guidance entitled Pension flexibility: new options from 6 April 2015. The brief guide outlines the changes taking effect on 6 April 2015 allowing flexible access to individuals’ defined-contribution pension savings from age 55. The three main options are to buy an annuity, flexi-access drawdown, or taking a lump-sum payment.
Shared parental pay regulations
The Social Security Contributions (Decisions and Appeals) (Amendment) Regulations, SI 2015/174, have been laid before Parliament. These regulations amend the Social Security Contributions (Decisions and Appeals) Regulations 1999 to remove references to ordinary statutory paternity pay and additional statutory paternity pay and insert references to statutory shared parental pay from 5 April 2015, with certain amendments coming into force from 5 March 2015. The Social Security and Tax Credits (Miscellaneous Amendments) Regulations, SI 2015/175, have been laid before Parliament. These regulations make consequential amendments to the Social Security (Contributions) Regulations 2001 and the Tax Credits (Definition and Calculation of Income) Regulations 2002 to remove references to ordinary statutory paternity pay and additional statutory paternity pay and insert references to statutory shared parental pay from 5 April 2015, with certain amendments coming into force on 5 March 2015.
SDLT Act receives royal assent
The Stamp Duty Land Tax Act 2015 received royal assent on 12 February 2015. The Bill was presented to Parliament on 4 December 2014 to provide for the restructuring of SDLT on purchases of residential property with effect from that date. The charge is now made at different rates depending on the portion of the purchase price that falls within each rate band.
Scottish LBTT guidance issued
The government has issued guidance on transitioning to the incoming Scottish land and buildings transaction tax (LBTT). This guidance sets out circumstances in which SDLT will continue to apply to land transactions in Scotland where the effective date is on or after 1 April 2015. Broadly, this will affect contracts entered into and substantially performed on or before 1 May 2012 (date of royal assent to the Scotland Act). The general rule is that LBTT will apply to transactions with an effective date on or after 1 April 2015.
Wales to consult on land transaction tax
The Welsh government is consulting until 6 May 2015 on a land transaction tax to replace SDLT in Wales from April 2018, following devolution set in motion by the Wales Act 2014. The consultation covers: residential transactions; non-residential transactions; companies, trusts and partnerships; leases; reliefs and exemptions; and compliance, avoidance, disputes and penalties.
Sports club VAT refund claims
HMRC has issued VAT Information Sheet 1/2015: Refund claims by sports clubs for exempt supplies made to non-members, which sets out a number of issues for non-profit making sports clubs to consider before claiming refunds in respect of exempt supplies made to non-members, following the Bridport and West Dorset Golf Club decision. These include having regard to the statutory time limits, particularly for claims made before 1 April 2009. Supplies to corporate bodies, tour operators and travel agents will not be exempt unless made for the benefit of individuals, who meet most of the cost themselves. Claimants should also consider the consequential effects on input tax recovery and capital goods scheme calculations, as well as reimbursements to customers and unjust enrichment.
Draft landfill tax legislation
HMRC has issued two draft statutory instruments for consultation, The Landfill Tax (Amendment) Regulations, SI 2015/Draft, and The Landfill Tax (Qualifying Fines) Order, SI 2015/Draft, which set out how the changes to the regime for waste fines will apply. Guidance on qualifying fines for landfill tax has also been issued. Comments are invited by 10 March 2015.
Promoters of tax avoidance schemes guidance
HMRC has issued guidance on the promoters of tax avoidance schemes rules. This guidance describes the legislation in Finance Act 2014 introducing the new regime for high risk promoters of tax avoidance schemes, allowing HMRC to issue ‘conduct notices’ to promoters who meet a threshold condition and monitor those who breach a conduct notice. HMRC consulted on a draft of the guidance between May and July 2014.
Company cars online service
HMRC is trialling a new digital service allowing company car users to submit details which update the PAYE coding of car and fuel benefits in real time. The new service uses ‘GOV.UK Verify’ to authenticate a taxpayer’s identity.
HMRC launches charities digital service
HMRC has announced the launch of its charities digital service, which will replace the existing print and post forms currently available on the HMRC pages on GOV.UK. The digital service allows new charities to register their details with HMRC for tax purposes, and has in-built checks and guidance to help organisations provide the right information and supporting documentation so HMRC can confirm their tax status. See details on how to register.
HMRC guidance
The following has been published on HMRC’s website:
HMRC has issued guidance entitled Pension flexibility: new options from 6 April 2015. The brief guide outlines the changes taking effect on 6 April 2015 allowing flexible access to individuals’ defined-contribution pension savings from age 55. The three main options are to buy an annuity, flexi-access drawdown, or taking a lump-sum payment.
Shared parental pay regulations
The Social Security Contributions (Decisions and Appeals) (Amendment) Regulations, SI 2015/174, have been laid before Parliament. These regulations amend the Social Security Contributions (Decisions and Appeals) Regulations 1999 to remove references to ordinary statutory paternity pay and additional statutory paternity pay and insert references to statutory shared parental pay from 5 April 2015, with certain amendments coming into force from 5 March 2015. The Social Security and Tax Credits (Miscellaneous Amendments) Regulations, SI 2015/175, have been laid before Parliament. These regulations make consequential amendments to the Social Security (Contributions) Regulations 2001 and the Tax Credits (Definition and Calculation of Income) Regulations 2002 to remove references to ordinary statutory paternity pay and additional statutory paternity pay and insert references to statutory shared parental pay from 5 April 2015, with certain amendments coming into force on 5 March 2015.
SDLT Act receives royal assent
The Stamp Duty Land Tax Act 2015 received royal assent on 12 February 2015. The Bill was presented to Parliament on 4 December 2014 to provide for the restructuring of SDLT on purchases of residential property with effect from that date. The charge is now made at different rates depending on the portion of the purchase price that falls within each rate band.
Scottish LBTT guidance issued
The government has issued guidance on transitioning to the incoming Scottish land and buildings transaction tax (LBTT). This guidance sets out circumstances in which SDLT will continue to apply to land transactions in Scotland where the effective date is on or after 1 April 2015. Broadly, this will affect contracts entered into and substantially performed on or before 1 May 2012 (date of royal assent to the Scotland Act). The general rule is that LBTT will apply to transactions with an effective date on or after 1 April 2015.
Wales to consult on land transaction tax
The Welsh government is consulting until 6 May 2015 on a land transaction tax to replace SDLT in Wales from April 2018, following devolution set in motion by the Wales Act 2014. The consultation covers: residential transactions; non-residential transactions; companies, trusts and partnerships; leases; reliefs and exemptions; and compliance, avoidance, disputes and penalties.
Sports club VAT refund claims
HMRC has issued VAT Information Sheet 1/2015: Refund claims by sports clubs for exempt supplies made to non-members, which sets out a number of issues for non-profit making sports clubs to consider before claiming refunds in respect of exempt supplies made to non-members, following the Bridport and West Dorset Golf Club decision. These include having regard to the statutory time limits, particularly for claims made before 1 April 2009. Supplies to corporate bodies, tour operators and travel agents will not be exempt unless made for the benefit of individuals, who meet most of the cost themselves. Claimants should also consider the consequential effects on input tax recovery and capital goods scheme calculations, as well as reimbursements to customers and unjust enrichment.
Draft landfill tax legislation
HMRC has issued two draft statutory instruments for consultation, The Landfill Tax (Amendment) Regulations, SI 2015/Draft, and The Landfill Tax (Qualifying Fines) Order, SI 2015/Draft, which set out how the changes to the regime for waste fines will apply. Guidance on qualifying fines for landfill tax has also been issued. Comments are invited by 10 March 2015.
Promoters of tax avoidance schemes guidance
HMRC has issued guidance on the promoters of tax avoidance schemes rules. This guidance describes the legislation in Finance Act 2014 introducing the new regime for high risk promoters of tax avoidance schemes, allowing HMRC to issue ‘conduct notices’ to promoters who meet a threshold condition and monitor those who breach a conduct notice. HMRC consulted on a draft of the guidance between May and July 2014.
Company cars online service
HMRC is trialling a new digital service allowing company car users to submit details which update the PAYE coding of car and fuel benefits in real time. The new service uses ‘GOV.UK Verify’ to authenticate a taxpayer’s identity.
HMRC launches charities digital service
HMRC has announced the launch of its charities digital service, which will replace the existing print and post forms currently available on the HMRC pages on GOV.UK. The digital service allows new charities to register their details with HMRC for tax purposes, and has in-built checks and guidance to help organisations provide the right information and supporting documentation so HMRC can confirm their tax status. See details on how to register.
HMRC guidance
The following has been published on HMRC’s website:
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