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The findings of the CIOT’s and ATT’s recent joint survey on the significant cost and ineffectiveness of HMRC’s totemic Making Tax Digital regime are welcome but will surprise no one – not even HMRC, on a lucid day – because HMRC had already drawn similar conclusions from previous research (and then presumably ignored it) Promises, Promises The time when Gideon set hearts a-flutter by promising an end to the tax return, and to cut business red tape, is all but faded ... Continue Reading

BKL looks at a recent publication which recommends a quite fundemental overhaul to IHT to address issues with Inheritance and Intergenerational Fairness - and is hosting a seminar on Capital Taxes The All-Party Parliamentary Group (“APPG”) on Inheritance and Intergenerational Fairness has just published a report. The caveat attached to the report is important: “This is not an official publication of the House of Commons or the House of Lords. It has not been approved by either ... Continue Reading

Scottish Income Tax rates and bands - the devolved part that covers non-dividend, non-savings income - is the most important source of revenue that Scotland can control under the devolved taxes regime. Readers may recall that Holyrood is not best pleased when it comes to Westminster's continued delays to the 2020/21 UK-wide Budget. Scotland therefore found itself having to publish provisional figures last week for 2020/21, based on no more than the assumption that Westminster will maintain the UK ... Continue Reading

Lee Sharpe considers HMRC's recent announcement forestalling the review of its implementation of the rollout of IR35 Intermediaries regime to the private sector. The latest extension (I refuse to call it an “enhancement”) of the scope of IR35 is set to apply from 6 April 2020. Simply, large and medium-sized businesses in the private sector will be obliged to evaluate any one-man-band contractor companies that are engaged to work for them and, if those engaging businesses determine that ... Continue Reading

The government has published draft NIC Regulations covering the proposed rates of National Insurance Contributions for 2020/21. For many years, these have been trailed in the Autumn Statement but the repeated postponement of the Autumn Budget/Statement means that they have only just been published. Class I 2020/21 2019/20 Lower Earnings Limit £120 per week £520 per month £6,240 per year £118 per week £512 per month £6,136 per ... Continue Reading

RSM's Chris Etherington considers how Entrepreneurs' Relief continues to be poorly handled by successive governments. A Chancellor under pressure following an announcement to scrap a 10% tax rate on the sale of business assets. Howls of outrage from the CBI and calls from ministers and business owners to reverse the decision. A lack of any substantial research or consultation on the issue, followed by an embarrassing reversal. This is not crystal-ball gazing but rather how Entrepreneurs’ ... Continue Reading

Extracts from Peter Vaines' monthly tax update, this time covering the location of crypto assets, (or at least where HMRC thinks they exist - no prizes for guessing), the "tax avoidance motive" test for Transactions in Securities, a reminder that CGT and residential property disposals are going to get a lot more urgent and complicated, CGT loss claims on off-plan building projects, and the last word on the validity of automated penalty notices? Crypto Assets HMRC has published guidance for indivudals ... Continue Reading

RSM's George Bull considers some of the former Chancellor's key tax measures and how they have performed since their introduction. Introduction George Osborne was Shadow Chancellor from 2005 – 2010, and Chancellor of the Exchequer from 2010 – 2016. During his period as Chancellor in the aftermath of the financial crisis, George Osborne delivered eight budgets. While the effectiveness or otherwise of his “age of austerity” continues to divide commentators, his creation of ... Continue Reading

RSM's Sarah Halsted considers the apparently conflicting powers - both to follow and to ignore - EU case law following Brexit. The European Union (Withdrawal Agreement) Act 2020 (EUWA) received Royal Assent last week. It empowers the Government to give UK courts discretion to depart from existing EU case law after the end of the transition period. However, the earlier European Withdrawal Act 2018 gives the UK courts discretion to take account of EU court judgments issued after the end of the transition ... Continue Reading

Lee Sharpe considers the latest update on the Loan Charge, announced 20 January 2020. HMRC has updated its guidance on the Loan Charge. The updated guidance may be found here; And here There is now also draft legislation to implement the government’s changes in policy, following Sir Morse’s report, which we covered in some detail in Loan Charge Independent Review: Some Meat But No Blood. Initial findings are as follows The draft legislation intends that the election to spread ... Continue Reading