Employers requesting directions under ITEPA 2003 s 690, i.e. requesting an HMRC officer to determine the proportion of an international employee’s payment that is subject to PAYE, should refer to the revised guidance in HMRC’s PAYE Manual at PAYE81560.
Pensions: draft QROPS regulations
HMRC has published draft guidance on changes to various reporting requirements and penalty provisions for qualifying recognised overseas pension schemes (QROPS) introduced in Finance Bill 2013 and in draft regulations. Most of the new rules will come into effect on the date of Royal Assent to Finance Act 2013. HMRC is consulting, until 21 June 2013, on the draft amending regulations.
Annual tax on enveloped dwellings
HMRC has extended to 30 days (previously 20 days) its anticipated response time to requests from companies for a valuation, or ‘pre-return banding check’, in relation to the new annual tax on enveloped dwellings (ATED). An application form will be available on the HMRC website from 1 June 2013. The first ATED returns are due by 1 October 2013.
Transfer pricing safe harbours
The OECD has approved the revised section on safe harbours in chapter IV of its Transfer Pricing Guidelines, following the discussion draft issued in June 2012. The revised guidance is more favourably disposed towards safe harbours, which reflects their increasing use by a number of countries, including the UK.
HMRC toolkits
HMRC has published the following compliance toolkits:
capital allowances toolkit: for use by agents when completing self-assessment and company tax returns for years commencing in April 2012. A new risk (risk 23) has been added for the new rules on acquisitions and disposals of property with fixtures that are plant and machinery. It also highlights some new legislation that applies from April 2012;
private and personal expenditure toolkit: for use by agents when completing 2012/13 self-assessment tax returns; and
income tax losses toolkit: for use by agents when completing 2012/13 self-assessment tax returns.
Supplies to Croatia
On 1 July 2013, Croatia will become part of the European Union, increasing the total number of EU Member States from 27 to 28. This means that, from 1 July, if a business supplies goods to a VAT-registered customer in Croatia, or supplies services that are subject to the reverse charge to businesses in Croatia, these supplies must be treated in the same way as supplies to existing Member States and have to be included on the business’s EC sales list. The country code ‘HR’ should be used for Croatia.
Guidance on life assurance regime
HMRC has added two more papers to its interim guidance on the new corporate tax regime for life insurance companies, which commenced on 1 January 2013. The new papers cover the transitional provisions and protection business. The first three papers, which include one on interaction with the CFC legislation, were published in February 2013.
Employers requesting directions under ITEPA 2003 s 690, i.e. requesting an HMRC officer to determine the proportion of an international employee’s payment that is subject to PAYE, should refer to the revised guidance in HMRC’s PAYE Manual at PAYE81560.
Pensions: draft QROPS regulations
HMRC has published draft guidance on changes to various reporting requirements and penalty provisions for qualifying recognised overseas pension schemes (QROPS) introduced in Finance Bill 2013 and in draft regulations. Most of the new rules will come into effect on the date of Royal Assent to Finance Act 2013. HMRC is consulting, until 21 June 2013, on the draft amending regulations.
Annual tax on enveloped dwellings
HMRC has extended to 30 days (previously 20 days) its anticipated response time to requests from companies for a valuation, or ‘pre-return banding check’, in relation to the new annual tax on enveloped dwellings (ATED). An application form will be available on the HMRC website from 1 June 2013. The first ATED returns are due by 1 October 2013.
Transfer pricing safe harbours
The OECD has approved the revised section on safe harbours in chapter IV of its Transfer Pricing Guidelines, following the discussion draft issued in June 2012. The revised guidance is more favourably disposed towards safe harbours, which reflects their increasing use by a number of countries, including the UK.
HMRC toolkits
HMRC has published the following compliance toolkits:
capital allowances toolkit: for use by agents when completing self-assessment and company tax returns for years commencing in April 2012. A new risk (risk 23) has been added for the new rules on acquisitions and disposals of property with fixtures that are plant and machinery. It also highlights some new legislation that applies from April 2012;
private and personal expenditure toolkit: for use by agents when completing 2012/13 self-assessment tax returns; and
income tax losses toolkit: for use by agents when completing 2012/13 self-assessment tax returns.
Supplies to Croatia
On 1 July 2013, Croatia will become part of the European Union, increasing the total number of EU Member States from 27 to 28. This means that, from 1 July, if a business supplies goods to a VAT-registered customer in Croatia, or supplies services that are subject to the reverse charge to businesses in Croatia, these supplies must be treated in the same way as supplies to existing Member States and have to be included on the business’s EC sales list. The country code ‘HR’ should be used for Croatia.
Guidance on life assurance regime
HMRC has added two more papers to its interim guidance on the new corporate tax regime for life insurance companies, which commenced on 1 January 2013. The new papers cover the transitional provisions and protection business. The first three papers, which include one on interaction with the CFC legislation, were published in February 2013.
