John Beattie, president of the Chartered Institute of Taxation, said: ‘The ‘new’ guide to the settlements legislation, published last week, consists almost entirely of repackaged earlier comments and does not address the key areas of uncertainty that we have repeatedly highlighted.
‘We have read it from cover to cover, but it deals only with the black and white and not with the important grey areas, which remain just as murky as before. After all this time, we hoped for more than a sunburnt zebra.’
The tax bodies have been asking the authorities for more detailed guidance on key issues for more than a year.
Given the continued uncertainty, tax bodies are advising taxpayers who are potentially affected by the new rules to protect themselves against the possibility of a future attack by the Revenue.
They recommend taxpayers include in their tax return copies of the partnership or company accounts and computations; a copy of the memorandum and articles of association of the company, or partnership agreement in the case of a partnership; and a summary of how the business operates, and, in particular, what is done by each of the shareholders or partners in running the business.
Does Darwin's theory apply to taxation? Colin ponders...
The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states