The Finance Bill 2014 will be published on Thursday 27 March 2014.
Finance Bill 2014
The Finance Bill 2014 will be published on Thursday 27 March 2014.
HMRC guidance on interest returns
HMRC’s new guidance concerns reporting obligations under FA 2011 Sch 23 (formerly TMA 1970 ss 17 and 18). The guidance explains that FA 2011 allows HMRC to require returns of interest paid or credited by banks and building societies, so that its computers can compare the interest received with that declared on tax returns by the recipient of the interest. The information can also be exchanged with other countries. The guidance also covers the Data-gathering Powers (Relevant Data) Regulations, SI 2012/847, and the Reporting of Savings Income Information Regulations, SI 2003/3297. It applies only for the tax years 2013/14 and 2014/15. From February 2014, a type 17 return will be known as a bank, building society interest (BBSI) return and a type 18 return will be known as other interest (OI) return.
Updated ATED return
HMRC has updated the annual tax on enveloped dwellings (ATED) return and return notice. The changes include the simplification of the agent authorisation process and guidance on the use of reference numbers.
SAYE limits
The Income Tax (Earnings and Pensions) Act 2003 (Amendment to SAYE Option Schemes Contribution Limit) Order, SI 2014/402, increases the amount that a person can contribute to savings arrangements linked to tax advantaged save as you earn (SAYE) employee share option schemes, from £250 to £500 with effect from 6 April 2014.
BEPS update
The OECD has published comments it invited following the publication of its Discussion draft on transfer pricing documentation and country-by-country reporting (30 January 2014), concerning action 13 of the BEPS action plan. These comments will be discussed by Working Party No. 6 of the Committee on Fiscal Affairs at its March and May 2014 meetings, and during the public consultation to be held in Paris on 19 May.
EC report recommends green taxes
An EC study on the potential for greener taxes, which pools data from 12 member states, suggests that moving taxes away from labour and towards pollution (increasing taxes on the causes of air and water pollution, for example) would bring in revenues of €35bn in real terms in 2016, rising to €101bn in 2025, with far higher figures involved if steps were also taken to remove environmentally harmful subsidies.
UK/USSR double tax agreement
The UK will cease to apply the terms of the UK/USSR double taxation convention in relation to Tajikistan from April 2014 onwards. HMRC will update SP4/01 to reflect this. TIOPA 2010 s 25 will not apply to prevent a claim to unilateral relief in respect of Tajik taxes levied on profits, income or gains arising in Tajikistan. The UK/USSR convention continues in force for Belarus and Turkmenistan.
HMRC guidance
HMRC has published new guidance on its website, including the following:
Agent update 40 – February/March 2014;
new VAT guidance: Notice 701/30: Education and vocational training; Notice 700/1: Should I register for VAT?; Notice 179: Motor & heating fuels: General information and accounting for excise duty & VAT; and VAT Notes 1 2014, a general update on VAT issues;
new advisory fuel rates for company cars, which apply from 1 March 2014;
the withdrawal of the NI number tracing service on 31 March 2014;
a reminder to submit applications for protection of the lifetime allowance for pension schemes by 5 April 2014; and
new guidance on gift aid donations, explaining that a new charity formed from a merger can benefit from the compliance record of one of the pre-merger charities.
The Finance Bill 2014 will be published on Thursday 27 March 2014.
Finance Bill 2014
The Finance Bill 2014 will be published on Thursday 27 March 2014.
HMRC guidance on interest returns
HMRC’s new guidance concerns reporting obligations under FA 2011 Sch 23 (formerly TMA 1970 ss 17 and 18). The guidance explains that FA 2011 allows HMRC to require returns of interest paid or credited by banks and building societies, so that its computers can compare the interest received with that declared on tax returns by the recipient of the interest. The information can also be exchanged with other countries. The guidance also covers the Data-gathering Powers (Relevant Data) Regulations, SI 2012/847, and the Reporting of Savings Income Information Regulations, SI 2003/3297. It applies only for the tax years 2013/14 and 2014/15. From February 2014, a type 17 return will be known as a bank, building society interest (BBSI) return and a type 18 return will be known as other interest (OI) return.
Updated ATED return
HMRC has updated the annual tax on enveloped dwellings (ATED) return and return notice. The changes include the simplification of the agent authorisation process and guidance on the use of reference numbers.
SAYE limits
The Income Tax (Earnings and Pensions) Act 2003 (Amendment to SAYE Option Schemes Contribution Limit) Order, SI 2014/402, increases the amount that a person can contribute to savings arrangements linked to tax advantaged save as you earn (SAYE) employee share option schemes, from £250 to £500 with effect from 6 April 2014.
BEPS update
The OECD has published comments it invited following the publication of its Discussion draft on transfer pricing documentation and country-by-country reporting (30 January 2014), concerning action 13 of the BEPS action plan. These comments will be discussed by Working Party No. 6 of the Committee on Fiscal Affairs at its March and May 2014 meetings, and during the public consultation to be held in Paris on 19 May.
EC report recommends green taxes
An EC study on the potential for greener taxes, which pools data from 12 member states, suggests that moving taxes away from labour and towards pollution (increasing taxes on the causes of air and water pollution, for example) would bring in revenues of €35bn in real terms in 2016, rising to €101bn in 2025, with far higher figures involved if steps were also taken to remove environmentally harmful subsidies.
UK/USSR double tax agreement
The UK will cease to apply the terms of the UK/USSR double taxation convention in relation to Tajikistan from April 2014 onwards. HMRC will update SP4/01 to reflect this. TIOPA 2010 s 25 will not apply to prevent a claim to unilateral relief in respect of Tajik taxes levied on profits, income or gains arising in Tajikistan. The UK/USSR convention continues in force for Belarus and Turkmenistan.
HMRC guidance
HMRC has published new guidance on its website, including the following:
Agent update 40 – February/March 2014;
new VAT guidance: Notice 701/30: Education and vocational training; Notice 700/1: Should I register for VAT?; Notice 179: Motor & heating fuels: General information and accounting for excise duty & VAT; and VAT Notes 1 2014, a general update on VAT issues;
new advisory fuel rates for company cars, which apply from 1 March 2014;
the withdrawal of the NI number tracing service on 31 March 2014;
a reminder to submit applications for protection of the lifetime allowance for pension schemes by 5 April 2014; and
new guidance on gift aid donations, explaining that a new charity formed from a merger can benefit from the compliance record of one of the pre-merger charities.
