Inland Revenue[QQ] After pressure from business, the government has announced changes to the new DTR rules – including treatment of dividends paid by CFCs and the introduction of an onshore pooling system to allow relief for some foreign tax above 30% paid on dividends received by UK companies directly from foreign subsidiaries. All of these changes will be made at the report stage of the Bill (Press release 19 June).
The Inland Revenue has published draft regulations on its proposed powers to call documents where it suspects serious tax fraud. Deadline for comments is 31 July (Press release 19 June).
The Revenue has issued two new codes of practice concerning the enforcement of the national minimum wage (Press release 19 June).
The latest (May) indexation allowance for corporation tax on capital gains tax has now been published. The figure for May is 170.7.
HM Customs and Excise
Customs has welcomed a report on recovering the proceeds of crime. The proposals will enhance officers’ and investigators’ powers to seize money and assets from criminals (Press release 14 June).
Chartered Institute of Taxation
The institute has made a submission on taper relief and the Finance Bill 2000: Earn-out rights (s123A TCGA 1992).
The CIOT is the UK’s leading professional body concerned solely with taxation.
www.inlandrevenue.gov.uk www.hmce.gov.uk www.tax.org.uk.
Drastically fewer offices for HMRC in the hope to reduce their running costs
Tayabali Tomlin and d&t directors launch £20 a month TaxGo service, aiming to be the 'biggest UK firm' by client numbers
Companies must report on their complex financial structures including offshore accounts and notify HMRC
An examination by the Public Accounts Committee (PAC) has revealed serious concerns relating to HMRC’s plans