Inland Revenue[QQ] The November pre-Budget Report contained a number of proposed tax changes within the small print of the accompanying press releases. The full releases are available on the Revenue’s website.
Subjects include reform of intellectual property, deferral relief for disposals of substantial shareholdings, employee share ownership, withholding tax on interest and royalty payments and double tax relief.
Comments are invited by the end of the year on the Revenue and Customs strategy for the Large Business Office.
The Revenue is looking to extend the use of electronic data exchange as part of the Construction Industry Scheme (CIS). The long term government aim is to encourage more use of electronic data exchange as it saves time and money.
A robust defence has been launched by the Revenue on its website against recent press criticism.
Customs & Excise
Customs & Excise has updated its leaflets on its complaints procedure.
Lord Howe of Aberavon gave this year’s Tax Faculty Hardman Lecture. He noted that the holy grail of a simple and stable tax system requires nothing less than an institutionalised mechanism with the guaranteed power to get ministers to promote the changes recommended by an expert committee.
Richard Le Tocq, head of Locate Guernsey, discusses the chancellor’s approach to high net worth individuals, and why relocation is increasingly attractive to HNWIs
The firm says that the U-turn 'does not alter the need for a fundamental review of the way we tax work' and that the current tax system is in need of reform
Legislation on the NICs changes to be brought forward in the autumn following publication of 'the full effects of the changes to Class 2 and Class 4' in the summer
Following chancellor Philip Hammond’s Spring Budget speech, we explore the key takeaways for businesses and individuals