This report, by the Lexis®PSL Tax, Private Client and Pensions teams, highlights the key provisions in the 2017 Finance Bill, published on 20 March, that have not been previously published in draft, or which have been published with significant amendments since the last draft.
Following consultation between September and November on draft amendments to the PAYE regulations to cover calculation, payment and reporting of the apprenticeship levy, the draft regulations have been extended to include other matters, such as assessment and recovery of unpaid levy, record keepi
HMRC has published a new paper providing an overview of the key accounting changes and tax considerations that arise for those individuals, partnerships and non-resident companies within the charge to income tax who move from old UK GAAP to FRS 102.
The Loan Relationships and Derivative Contracts (Change of Accounting Practice) Regulations, SI 2016/1234, ensure that changes introduced by Finance (No 2) Act 2015 will operate as intended from the start for accounting periods commencing on or after 1 January 2016.
The government has confirmed that no decommissioning relief agreements were signed in the 2015/16 financial year. A total of 76 deeds have been entered into since October 2013.
The Bank Levy (Double Taxation Relief) (Single Resolution Fund Levy) Regulations, SI 2016/1212, provide for double taxation relief in relation to the UK bank levy and the EU single resolution fund levy with effect from 1 January 2016.
HMRC has published the Venture Capital Trust (Amendment) Regulations, SI 2016/1192, setting out new information and record keeping requirements affecting venture capital trusts (VCTs) from 31 December 2016, following changes introduced by Finance (No 2) Act 2015 Sch 5 and 6.
The Corporation Tax Act 2010 (Profits Arising from the Exploitation of Patents) Foreign Taxes Designation Regulations, SI 2016/1181, designate those foreign taxes in respect of which there is an intellectual property regime corresponding to the UK patent box.
The Securitisation Companies (Application of Section 83(1) of the Finance Act 2005: Accounting Standards) (Amendment) Regulations, SI 2016/1182, extend for a further 20 years the interim regime which allows securitisation companies to continue basing their corporation tax computations on old UK G
The Companies Act 2006 (Distributions of Insurance Companies) Regulations, SI 2016/1194, set out a new methodology for insurers to segregate life and non-life business, following the implementation of the EU ‘Solvency 2’ directive, to ensure that firms only make distributions out of realised prof