The Financial Reporting Council has issued a final reminder to auditors that the deadline of 31 December 2014 for compliance with the updated ethical standards for auditors is not being reviewed. Where applicable, auditors will need to have undertaken the necessary steps to terminate or amend any contracts prohibited under the standards, or to take other appropriate action so as to remain compliant with the standards, by 31 December 2014.
Charity tax definition
Further to a consultation on two methods to prevent charities from being set up for tax avoidance purposes, HM Treasury has announced that those measures would not be adopted in the Finance Bill 2014, as they would have disproportionate effects on the charity sector and legitimate donors. Charity Tax Group chairman John Hemming said: ‘We are delighted that HMRC listened to our concerns and decided not to introduce a new definition of charity for purposes.’
The European Commission has published its report to the EU Council on the feasibility of applying the new VAT place of supply rules for telecommunications, broadcasting and electronic services as of January 2015. The report describes action taken in the last six years to prepare for implementation of the new rules and makes a number of recommendations.
Tobacco duty consultation
HMRC is consulting informally until 4 August on the extension to the tobacco anti-forestalling restrictions (see www.bit.ly/1wrr2j2). HMRC has written to the small number of businesses it believes will be directly affected, but it is also giving other businesses that may be affected the opportunity to respond. It is also seeking views on the potential impacts on business of extending restrictions to tobacco products other than cigarettes.
Landfill tax consultation
HMRC is consulting until 19 September on proposals for the new ‘loss on ignition’ test that will help landfill site operators determine the correct tax liability of fines. The consultation document is titledLandfill tax: liability of waste ‘fines’.
The Land and Buildings Transaction Tax (Scotland) Act
The Land and Buildings Transaction Tax (Scotland) Act (the LBTT Act) received royal assent on 31 July 2013. From 1 April 2015, LBTT will replace UK stamp duty land tax (SDLT) on land transactions in Scotland. The Scottish government is consulting until 29 August on whether the LBTT Act should be amended to allow relief from LBTT for one of the land transactions in a ‘sub-sale’ where there is significant development or redevelopment of the land or buildings in question. While a broadly similar relief is available under SDLT at present, the proposal under consultation in respect of LBTT is that the relief would be available only where significant development has been completed within five years of the effective date.
The Financial Reporting Council has issued a final reminder to auditors that the deadline of 31 December 2014 for compliance with the updated ethical standards for auditors is not being reviewed. Where applicable, auditors will need to have undertaken the necessary steps to terminate or amend any contracts prohibited under the standards, or to take other appropriate action so as to remain compliant with the standards, by 31 December 2014.
Charity tax definition
Further to a consultation on two methods to prevent charities from being set up for tax avoidance purposes, HM Treasury has announced that those measures would not be adopted in the Finance Bill 2014, as they would have disproportionate effects on the charity sector and legitimate donors. Charity Tax Group chairman John Hemming said: ‘We are delighted that HMRC listened to our concerns and decided not to introduce a new definition of charity for purposes.’
The European Commission has published its report to the EU Council on the feasibility of applying the new VAT place of supply rules for telecommunications, broadcasting and electronic services as of January 2015. The report describes action taken in the last six years to prepare for implementation of the new rules and makes a number of recommendations.
Tobacco duty consultation
HMRC is consulting informally until 4 August on the extension to the tobacco anti-forestalling restrictions (see www.bit.ly/1wrr2j2). HMRC has written to the small number of businesses it believes will be directly affected, but it is also giving other businesses that may be affected the opportunity to respond. It is also seeking views on the potential impacts on business of extending restrictions to tobacco products other than cigarettes.
Landfill tax consultation
HMRC is consulting until 19 September on proposals for the new ‘loss on ignition’ test that will help landfill site operators determine the correct tax liability of fines. The consultation document is titledLandfill tax: liability of waste ‘fines’.
The Land and Buildings Transaction Tax (Scotland) Act
The Land and Buildings Transaction Tax (Scotland) Act (the LBTT Act) received royal assent on 31 July 2013. From 1 April 2015, LBTT will replace UK stamp duty land tax (SDLT) on land transactions in Scotland. The Scottish government is consulting until 29 August on whether the LBTT Act should be amended to allow relief from LBTT for one of the land transactions in a ‘sub-sale’ where there is significant development or redevelopment of the land or buildings in question. While a broadly similar relief is available under SDLT at present, the proposal under consultation in respect of LBTT is that the relief would be available only where significant development has been completed within five years of the effective date.
