Tax Update - Customs takes on EU
Changes in VAT rules, indexation, self-assessment procedures, Class 1 NI.
Inland Revenue
es, indexation, self-assessment procedures, Class 1 NI. The August 1998 indexation allowance for corporation tax on chargeable gains is now available. The retail price index for August is 163.7. (Release dated 16 September 1998.) More information can be obtained from 0171 438 6420 or at http://www.open.gov.uk/inrev/irhome.htm.
Customs & Excise
The European Commission is proposing to change the rules on VAT deduction incurred in the course of business. One proposal is to change current practice of claiming refunds from member states where the tax is charged, allowing businesses to recover VAT through VAT returns. A consultation document has been published. (Customs Business Brief 1998, 15 September.) Customs press releases can be viewed at http: //www.open.gov.uk/customs/c&ehome.htm.
English ICA Tax Faculty
Submission of views on draft regulations for personal portfolio bonds, with the proposals condemned as ‘penal tax charges by secondary legislation’. (Technical Release TAX 24/98.) Notes of a meeting with the Inland Revenue over self-assessment procedures. (Technical Release TAX 23/97.) More details from 0171 920 8646 or at http://www.icaew.co.uk.
Chartered Institute of Taxation
Submission on non-cash vouchers and liability for Class 1 National Insurance (14 September), in response to DSS consultation document. Submission on controlled foreign companies. Excluded countries: draft regulations (10 September), in response to Inland Revenue press release. More information from 0171 235 9381 or at http://www.tax.org.uk.