10/01/2009, by Steve Allen, Tax article - VAT & Excise Duties
Steve Allen, director of VAT Advisers Ltd, highlights a further selection of recent VAT cases.Court says HMRC must issue monthly returns to taxpayer pending outcome of the case This case is a long-running battle concerning HMRC’s refusal to grant the use of monthly VAT return periods. [For further background on this case, see one of Andrew Needham's previous articles - VAT Case Update July-August 2008 - Part I - Ed.] In May 2008, the Appellant won a Judicial Review of HMRC’s withdrawal of monthly ... Continue Reading
09/01/2009, by Sarah Laing, Tax news - HMRC Administration, Practice and Methods
Draft regulations and amendments to the additional payments eligibility rules for Child Trust Fund (CTF) age 7 payments have been laid in Parliament. On 16 December draft regulations were laid in Parliament providing the legal framework for the universal Age 7 payment of £250, and an additional £250 for children in lower income families. All children looked after by local authorities will get £500.Age 7 payments will work in a very similar way to the initial government payments into CTF accounts. ... Continue Reading
08/01/2009, by Mark McLaughlin CTA (Fellow) ATT TEP, Tax news - TaxationWeb
Thank you to all those who took the time and trouble to enter the TaxationWeb Christmas Quiz.TaxationWeb is pleased to announce that the three worthy competition winners are (in alphabetical order): - Martyn Bowler- Lyn Winter- Lee Young Congratulations to all three winners. Malcolm Finney's best-selling book (worth £60) which can be seen at:(http://www.taxbookshop.com/bk-737-wealth-management-planning-the-uk-tax-principles)will shortly be winging its way to each of you courtesy of John Wiley ... Continue Reading
06/01/2009, by Sarah Laing, Tax news - HMRC Administration, Practice and Methods
HMRC have announced four new non-executive appointments to its Board.The new members are:Colin CobainPhilippa HirdPhil HodkinsonDame Sue Street DCB The appointments took effect from 2 January 2009 for a period of three years and were made following an external recruitment process that was carried out in accordance with Cabinet Office guidance. Mike Clasper, Chairman of HMRC and Chair of the Board said: "I am pleased to announce the appointment of four new non-Executive directors to the Board of HMRC. ... Continue Reading
04/01/2009, by Sarah Laing, Tax news - Income Tax
New rates of interest on direct and indirect taxes and NICs paid late and overpaid take effect from 6 January 2009.Legislation has also been put in place to enable HMRC to change interest rates faster where there is movement in market rates. From 7 January 2009 most rates will change thirteen working days after the meeting of the Monetary Policy Committee of the Bank of England. Under previous legislation it took around a month to change most of the rates.The new rates of interest from 6 January ... Continue Reading
03/01/2009, by Julie Butler, FCA, Tax article - Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Julie Butler FCA comments on a recent case concerning the Inheritance Tax treatment of land. IntroductionA recent case before the Special Commissioners provides hope that where tax law is not so clearly defined it is always worth a “fight” with HMRC to try and benefit the taxpayer. The subject matter was a taxpayer being “landed with various unsaleable interests”, which in the current property market might apply to a number of clients now and in the future (DWC Piercy’s Executors v ... Continue Reading
03/01/2009, by Andrew Needham, Tax article - VAT & Excise Duties
Andrew Needham, director of VAT Specialists Ltd, highlights a selection of recent VAT casesTribunal finds partly for taxpayer on supply of indoor pool covers for new housesThis case concerned the supply of (optional) retractable insulated covers and moveable floors for indoor swimming pools. The basic position is that the construction of an indoor pool in a new house can be zero-rated under VATA 1994 Schedule 8 Group 5 Item 2. The Appellant argued that the covers and floors were zero-rated under ... Continue Reading
27/12/2008, by Low Incomes Tax Reform Group, Tax article - General
Kelly Hayworth of the Low Incomes Tax Reform Group comments on a recent report by the National Audit Office on the management of tax debt. IntroductionLITRG generally welcomes today’s National Audit Office report on HMRC’s management of tax debt. Recommendations are offered which, if properly implemented, could improve tax debt collection processes for those on low incomes. The National Audit Office has today reported its findings from a Value for Money study into HMRC’s management ... Continue Reading
27/12/2008, by Malcolm Finney, Tax article - Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Malcolm Finney considers the impact of the Finance Act 2008 Capital Gains Tax changes affecting non-resident trusts. BackgroundThe Finance Act 2008 has changed quite significantly the capital gains tax treatment of offshore resident trusts primarily with respect to the non-UK domiciled but UK resident individual, although the changes also impact upon the UK domiciled and UK resident individual.Neither UK nor non-UK source capital gains of non-UK resident trusts are subject to capital gains tax ... Continue Reading
27/12/2008, by Steve Allen, Tax article - VAT & Excise Duties
Steve Allen, Director of VAT Solutions (UK) Ltd, comments on a recent HMRC Business Brief on changes in information to be supplied in EC Sales Lists. Introduction On 22 October 2008, HMRC issued Revenue & Customs Brief 53/08, which announced that, for the first time, EC Sales Lists will be used to collect information on certain business to business (B2B) supplies of taxable services as well as for B2B supplies of goods. New MeasuresThe new provisions will come in on 1 January 2010, and will ... Continue Reading
