TaxPersonal TaxAnalysis – Checklist – New Finance Bill clause.

Analysis - Checklist - New Finance Bill clause.

Inland Revenue consults on IP and corporate CGT; Tax Faculty revisits

Inland Revenue[QQ] The Revenue has issued two major consultation documents. The first deals with proposed reforms of the taxation of intellectual property. The second relates to a proposed relaxation in the taxation of corporate capital gains.

It introduces a new tax relief for companies alongside rollover relief, so the charge to tax is deferred where a company realises a gain on the sale of a shareholding in a business or assets of that business; and invests the proceeds in developing that business or another business or acquires shares in another business. Comments are requested by 11 August.

The Revenue’s Electronic Business Unit, which deals with the Revenue’s commitment to online services, has a new helpline number and e-mail address.

The helpdesk number is now 084560 55999. The new e-mail address is helpdesk@ir-efile.gov.uk.

The Revenue has tabled a new clause to the Finance Bill. It introduces an offence of evading tax income which comes into effect from January 2001. The new offence may be tried either summarily in the magistrates’ court or on indictment in the Crown Court. On summary conviction, the penalty is up to six months in prison or a fine up to #5,000, or both.

On indictment the penalty is up to seven years in prison, an unlimited fine, or both.

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