TaxPersonal TaxTax Update – 5 Nov

Tax Update - 5 Nov

Inland Revenue on construction; English ICA Tax Faculty on double taxation relief.

Highlights of the latest technical information available for the taxxation relief. practitioner.

Inland Revenue

Taxation of the construction industry has caused a rush activity at the Revenue. Four press releases were issued on the 23 October on construction.

First, there was notice of new guidance on whether a subcontractor should qualify for a CIS5 certificate or a CIS6 certificate (formerly known as the 714C and the 714P certificates).

Second, following a previous release on 6 October, two new extra statutory concessions have been issued in respect of the turnover tests under the Construction Industry Scheme which commences next August.

The last two press releases detail the administrative steps that have been taken to ensure the Construction Industry Scheme will be in place next year. For more details, call 0171 438 6420 or visit http://

www.inlandrevenue.gov.uk.

English ICA Tax Faculty

The Tax Faculty has issued two new technical releases. The first is the text of a letter submitted to the Revenue on the consultation on double taxation relief for companies (Ref: TAX 26/98). The second is a representation on the consultation for modernising the transfer pricing legislation (Ref: 28/98).

The English ICA Tax Faculty is the focus for the institute’s work in taxation. For more details, call 0171 920 8646 or visit http://www.icaew.co.uk.

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CIoT has made a submission on the 1998 Finance Act: Definition of ‘Protected Settlement’ in new sub-paragraph 9 (10a-10d), Schedule 5, TC6A 1992. For more details, call 0171 235 9381 or visit http://www.tax.org.uk

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