AN ESTIMATED £75m of ‘gifts’ could be presented to the nation under a new tax relief scheme.
The ‘gift of pre-eminent objects’ tax scheme will be introduced from the April 2012 tax year, providing relief for giving valuable gifts over to the UK.
The scheme will run in parallel with the current ‘acceptance in lieu’ scheme in which an estate can offer objects against inheritance tax liabilities. The new scheme is applicable across income tax, corporation tax and CGT.
Current projections show a £15m cost to the Treasury from 2012/2013 through to 2016/2017, equating to £15m a year spent on these objects.
The acceptance in lieu scheme also costs around £15m a year.
Companies must report on their complex financial structures including offshore accounts and notify HMRC
An examination by the Public Accounts Committee (PAC) has revealed serious concerns relating to HMRC’s plans
The mornings after the night that was the British Accountancy Awards; and Andrew Tyrie's latest thoughts on Making Tax Digital timing
Andrew Tyrie suggests there will not be enough time to implement Making Tax Digital (MTD) by April 2018