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Tax credit claimants and their advisers are consistently told that telephone calls to the tax credits helpline are recorded.  However, according to the Low Incomes Tax Reform Group (LITRG), since 4 October 2006 letters from another part of HMRC (the Data Protection Unit) have indicated that not all telephone calls to the helpline are recorded.The LITRG believes that it is vital for claimants that all calls to the helpline should be recorded, and that the recordings are accessible.  The ... Continue Reading

Following a six-year investigation by HMRC, and two separate criminal trials, a man behind a £54 million VAT fraud has been jailed for 15 years, the longest sentence ever handed down by a British court for this type of crime.Emmanuel Hening, a trader with dual Belgian/French nationality, was found guilty on three counts of 'missing trader' fraud at Worcester Crown Court, along with other members of the eight-strong crime gang, bringing the total jail sentences for the gang to 38.5 years. ... Continue Reading

The Institute of Chartered Accountants in England & Wales (ICAEW) has unveiled its new corporate identity, which is the first significant change in identity in over 50 years.The ICAEW’s new brand and corporate identity has been developed following an extensive programme of consultation with the institute’s members, staff, district societies and council.The brand mark retains Economia, the female figure from the Institute’s coat of arms, together with the symbols of the accountancy ... Continue Reading

Former Tax Inspector James Bailey outlines some quirks in the SDLT regime affecting property acquisitions.If you have a pack of playing cards printed before 1960, have a look at the Ace of Spades – you will find it has a “stamp” on it recording the fact that the manufacturer has paid the Stamp Duty on the cards. Stamp Duty used to be charged on all sorts of things – medicine bottles, perfume, hats, and gloves. It was introduced in 1694, as a temporary tax to pay for the war ... Continue Reading

A quick guide to recent additions to the HM Revenue & Customs website : Week ending 5 JanuaryWhat’s newTax Credits: residence rules: amended guidance to take account of Bulgaria and Romania joining the EU on 1 January 2007; Tax Credits – updated notes for completion of forms TC600, TC603R and TC603RD are now available; the following VAT Notices and Information Sheets have been updated to take account of new countries joining the EU: Notice 703/2, Notice 703/1, Notice 702/8; Notice ... Continue Reading

HMRC have published the first issue of Brief, which has replaced Tax Bulletin. The topic covered in this first issue is residence in relation to the recent Special Commissioners case of Robert Gaines-Cooper v HMRC (SpC 568).This case has attracted some attention from tax practitioners and their clients because there has been some suggestion that the decision has changed the basis on which HMRC calculate the “91-day test”’. The article now published in Brief 01/07 confirms that this ... Continue Reading

HMRC have published a report of a survey of capital gains taxpayers and their agents exploring perceptions of the impact of the changes to the regime since 1998 on investment behaviour.Budget 1998 introduced fundamental reforms to CGT, for individuals, trustees and personal representatives. The reforms included the freezing of indexation allowance, and replacing it with taper relief; drawing a distinction between business and non-business assets, with business assets benefiting from more generous ... Continue Reading

In conjunction with the accession of Bulgaria and Romania to the European Union, HMRC have issued revised guidance for employers highlighting changes to the Seasonal Agricultural Workers Scheme (SAWS).Everyone will no doubt be aware that Bulgaria and Romania joined the European Union on 1 January 2007. For employers, this means that places on SAWS are now available to non-students from Bulgaria and Romania. Applications from other countries remain restricted to students.For income tax purposes, the ... Continue Reading

Capital Tax Review by Matthew Hutton MA, CTA (fellow), AIIT, TEPMatthew Hutton MA, CTA (fellow), AIIT, TEP comments on the revised excepted estates reporting limits for IHT purposes.ContextThe overall limit for an excepted estate has been increased to £285,000 for deaths on or after 6 August 2006. Other changes to the regulations take effect for deaths on or after 1 September 2006, as follows.The qualificationsApart from the gross value, other conditions are:any trust assets in which the deceased ... Continue Reading

The Environmental Taxes Handbook by Ian Fleming FIITIan Fleming FIIT highlights the tax incentives available in respect on expenditure which is potentially beneficial to disadvantaged areas and the environment.Disadvantaged areasThis is a relatively new measure introduced in the 2005 Budget. The scheme allows people or companies, who own or lease property that has been vacant for a year or more in one of the designated disadvantaged areas of the UK, to claim immediate full tax relief on their capital ... Continue Reading