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.
Report argues that the government must change the way it makes tax and budget decisions
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