Checklist – New notes for charities.

Checklist - New notes for charities.

Proposed introduction of civil penalties for Customs: English ICA

Inland Revenue[QQ] The Inland Revenue has posted to its website a revised guidance note for charities. The notes, appendices and annexes are substantial, weighing in at over 700k of downloadable files.

Detailed guidance notes for life assurance companies who write overseas life assurance business have been published. There are special taxation rules for UK life companies that write overseas life assurance business.

The Revenue has issued a technical note inviting comments on a possible reform of the tax rules covering corporate debt, FX and financial instruments.

Customs & Excise

Customs has issued for comments a draft statutory instrument setting out civil penalties for Customs irregularities and more serious offences including fraudulent evasion. The proposed introduction of civil penalties is designed to achieve better compliance and a more effective and practical way of dealing with irregularities.

English ICA Tax Faculty

At its meeting on 1 November council has approved changes to its ethical guidance to allow firms to add descriptions of other chartered bodies.

The English ICA agreed a list of add-ons to the description chartered accountant. These were: management consultants, business advisers and tax consultants. At its meeting on 1 November, council approved further changes to allow firms to add descriptions of other chartered bodies.

www.hmce.gov.uk www.inlandrevenue.gov.uk www.taxfac.co.uk.

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