CHECKLIST – Shipping to be taxed by the ton.

Inland Revenue[QQ] Draft legislation to allow firms which invest in new ordinary shares of small, higher-risk trading companies to benefit from a corporate venturing initiative has been published. (Press release dated 22 December 1999.) Draft legislation to tax UK shipping on a tonnage basis has been issued. (Press release dated 23 December 1999.) The Revenue has published a revised edition of booklet IR20: ‘Residents and non-residents – liability to tax in the United Kingdom’. It reflects changes in legislation since the 1996 update. (Press release dated 24 December 1999.) The Revenue’s home page is Customs & Excise Customs has expressed its view on administration fees in connected credit transactions (eg hire purchase and conditional sale), the application of the tour operators’ margin scheme to supplies which fall within the education exemption made by those who teach English as a foreign language, the Redrow Group plc Lords decision, Lloyd’s and EC grant aid for processing dried fodder. It has also announced revised Intrastat thresholds. (Business Briefs 27/99 and 28/99 dated 21 and 22 December 1999.) Customs has announced changes to the environmental bodies tax credit scheme. (Business Brief 28/99 dated 22 December 1999.) Customs’ home page is www.hmce The English ICA Tax Faculty Copies of English ICA technical releases can be obtained by call 01908 225122. For more information on the faculty’s Better Tax System campaign e-mail:

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