The Unauthorised Unit Trusts (Tax) Regulations have been issued in draft. These are the final draft of regulations giving effect to changes to the tax rules for unauthorised unit trusts (UUTs) and their investors. This follows consultations in 2011 and 2012, with an initial draft published alongside draft Finance Bill legislation in December 2012. The rules define different treatment for ‘exempt’ and ‘non-exempt’ UUTs, bringing the latter within the charge to corporation tax from April 2014.
Employer Bulletin issue 45
The latest issue of the bulletin includes an update on real-time PAYE reporting; a reminder about penalties for outstanding employer annual returns; and new HMRC contact phone numbers.
VAT on fuel supplied for private use
The Value Added Tax (Flat-rate Valuation of Supplies of Fuel for Private Use) Order 2013 has been issued in draft. This implements the requirement upon HMRC to publish updated valuation tables annually for the new flat-rate basis, linked to CO2 emissions, for businesses to account for VAT on fuel supplied for private use, starting from 1 May 2014. Consultation on the changes took place between April and July 2012. The draft order is simply a process change and has no practical implications for businesses.
Charities: gift aid reminder
HMRC is reminding charities that from 1 October 2013 they must make gift aid repayment claims using the charities online service. Charities without access to the internet can make claims on a new ChR1 paper form.
The Unauthorised Unit Trusts (Tax) Regulations have been issued in draft. These are the final draft of regulations giving effect to changes to the tax rules for unauthorised unit trusts (UUTs) and their investors. This follows consultations in 2011 and 2012, with an initial draft published alongside draft Finance Bill legislation in December 2012. The rules define different treatment for ‘exempt’ and ‘non-exempt’ UUTs, bringing the latter within the charge to corporation tax from April 2014.
Employer Bulletin issue 45
The latest issue of the bulletin includes an update on real-time PAYE reporting; a reminder about penalties for outstanding employer annual returns; and new HMRC contact phone numbers.
VAT on fuel supplied for private use
The Value Added Tax (Flat-rate Valuation of Supplies of Fuel for Private Use) Order 2013 has been issued in draft. This implements the requirement upon HMRC to publish updated valuation tables annually for the new flat-rate basis, linked to CO2 emissions, for businesses to account for VAT on fuel supplied for private use, starting from 1 May 2014. Consultation on the changes took place between April and July 2012. The draft order is simply a process change and has no practical implications for businesses.
Charities: gift aid reminder
HMRC is reminding charities that from 1 October 2013 they must make gift aid repayment claims using the charities online service. Charities without access to the internet can make claims on a new ChR1 paper form.
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