The Finance Act 2013, Schedule 2, Paragraph 31 (Enterprise Management Incentives) (Appointed Day) Order, SI 2013/2796, appoints 31 October 2013 as the day when changes made by FA 2013 Sch 2 para 31(1) take effect (clarifying the scope of what constitutes a general offer for the whole of the issued share of a company or all the shares of a class to which an offer relates, for the purposes of ITEPA 2003 Sch 5 para 39).
Unauthorised unit trusts
The Unauthorised Unit Trusts (Tax) Regulations, SI 2013/2819 came into force on 31 October 2013. The rules define different tax treatment for ‘exempt’ and ‘non-exempt’ unauthorised unit trusts, bringing the latter within the charge to corporation tax from April 2014.
IHT guidance
HMRC has updated its Inheritance Tax Manual; forms IHT400 and IHT419; and updated guidance notes for form IHT400, to reflect changes made by FA 2013.
VAT notices
HMRC has published revised Notice 700/8: Disclosure of VAT avoidance schemes; and revised Notice 703: VAT – Export of goods from the UK.
EU guidance on ‘place of supply’ changes
The European Commission has published guidance about the changes to the ‘place of supply’ rules for electronic services, telecoms and broadcasting, which will be effective from 1 January 2015. The EC hopes that this will help businesses and member states to ready themselves for the changes and the ‘one stop shop’ that is due to be introduced by 1 January 2015 to facilitate compliance with the new rules.
FATCA notice
The US Department of the Treasury and the IRS have issued a notice as part of the implementation of the Foreign Account Tax Compliance Act (FATCA). The notice previews proposed guidance (incorporating updates to certain due diligence, withholding, and other reporting requirements) and also includes a draft FFI agreement. The notice applies to FFIs that are: entering into agreements directly with the IRS, and reporting through a model 2 intergovernmental agreement (IGA), where the FFI reports the FATCA information directly to the IRS.
Welsh tax devolution
The government is to implement proposals made last year by the Commission on Devolution in Wales to: give the Welsh Assembly control over landfill tax and SDLT in Wales; and provide for a referendum for the Welsh people to vote on whether some of their income tax should be devolved, in the same way as it is in Scotland.
HMRC: direct tax mutual legal assistance requests
The Crime (International Co-operation) Act 2003 (Exercise of Functions) Order, SI 2013/2733, comes into force on 21 November 2013. The instrument allows HMRC to act as the central authority for incoming direct tax mutual legal assistance requests instead of the UK Central Authority based in the Home Office.
People and firms
London-based chartered accountancy firm Harris Lipman has promoted tax partner Martina Fitzgerald to an equity partner, effective from 1 November 2013. Corporate tax specialist Rob Gunnhas been appointed as a partner at Crowe Clark Whitehill in the firm’s Midlands office. International law firm Latham & Watkins LLP has promoted Karl Mah to tax partner in the firm’s London office.
The Finance Act 2013, Schedule 2, Paragraph 31 (Enterprise Management Incentives) (Appointed Day) Order, SI 2013/2796, appoints 31 October 2013 as the day when changes made by FA 2013 Sch 2 para 31(1) take effect (clarifying the scope of what constitutes a general offer for the whole of the issued share of a company or all the shares of a class to which an offer relates, for the purposes of ITEPA 2003 Sch 5 para 39).
Unauthorised unit trusts
The Unauthorised Unit Trusts (Tax) Regulations, SI 2013/2819 came into force on 31 October 2013. The rules define different tax treatment for ‘exempt’ and ‘non-exempt’ unauthorised unit trusts, bringing the latter within the charge to corporation tax from April 2014.
IHT guidance
HMRC has updated its Inheritance Tax Manual; forms IHT400 and IHT419; and updated guidance notes for form IHT400, to reflect changes made by FA 2013.
VAT notices
HMRC has published revised Notice 700/8: Disclosure of VAT avoidance schemes; and revised Notice 703: VAT – Export of goods from the UK.
EU guidance on ‘place of supply’ changes
The European Commission has published guidance about the changes to the ‘place of supply’ rules for electronic services, telecoms and broadcasting, which will be effective from 1 January 2015. The EC hopes that this will help businesses and member states to ready themselves for the changes and the ‘one stop shop’ that is due to be introduced by 1 January 2015 to facilitate compliance with the new rules.
FATCA notice
The US Department of the Treasury and the IRS have issued a notice as part of the implementation of the Foreign Account Tax Compliance Act (FATCA). The notice previews proposed guidance (incorporating updates to certain due diligence, withholding, and other reporting requirements) and also includes a draft FFI agreement. The notice applies to FFIs that are: entering into agreements directly with the IRS, and reporting through a model 2 intergovernmental agreement (IGA), where the FFI reports the FATCA information directly to the IRS.
Welsh tax devolution
The government is to implement proposals made last year by the Commission on Devolution in Wales to: give the Welsh Assembly control over landfill tax and SDLT in Wales; and provide for a referendum for the Welsh people to vote on whether some of their income tax should be devolved, in the same way as it is in Scotland.
HMRC: direct tax mutual legal assistance requests
The Crime (International Co-operation) Act 2003 (Exercise of Functions) Order, SI 2013/2733, comes into force on 21 November 2013. The instrument allows HMRC to act as the central authority for incoming direct tax mutual legal assistance requests instead of the UK Central Authority based in the Home Office.
People and firms
London-based chartered accountancy firm Harris Lipman has promoted tax partner Martina Fitzgerald to an equity partner, effective from 1 November 2013. Corporate tax specialist Rob Gunnhas been appointed as a partner at Crowe Clark Whitehill in the firm’s Midlands office. International law firm Latham & Watkins LLP has promoted Karl Mah to tax partner in the firm’s London office.
