Loan relationships and derivative contracts: guidance on corporate rescue exemption
Loan relationships and derivative contracts: guidance on corporate rescue exemption
HMRC has published draft guidance on legislation for the new corporate rescue exemption included in the draft Finance Bill. The exemption will remove the obligation to bring into account a loan relationship credit arising on a release, modification or replacement of debt in certain circumstances on or after 1 January 2015 where a company is unable to pay its debts. The finalised guidance will be incorporated into the corporate finance manual.
PAYE coding notices
The Income Tax (Pay As You Earn) (Amendment) Regulations, SI 2015/2, will come into force at the end of this month. These amending regulations provide for HMRC to issue PAYE coding notices to employees in electronic format and remove the requirement to issue such notices to individuals where there is no liability to tax, with effect from 29 January 2015. They also remove the requirement for employers to complete an end-of-year checklist when making their final full payment submissions on and after 6 March 2015. The amendments to the PAYE regulations taking effect on 29 January 2015 will allow HMRC to issue PAYE coding notices electronically to employees and removing the obligation on HMRC to issue notices to employees who are not liable to tax on their PAYE income, or whose PAYE income is not chargeable to tax.
SDLT Bill progress
The Stamp Duty Land Tax Bill was debated in the House of Commons on 12 January 2015, where MPs debated the committee, report and third reading stages of the Bill. The Bill passed all stages without amendment, and has now passed to the House of Lords, where it had its first reading on Tuesday 13 January 2015. The second reading, in which the House will hold a general debate on all aspects of the Bill, is yet to be scheduled. The SDLT Bill amends the existing legislation which prescribes the method of calculating the amount of SDLT due in respect of residential property transactions and linked transactions, and sets out a new table of rates and bands applying to residential property transactions. It includes transitional provisions which allow purchasers in transactions where contracts were exchanged before the measure was announced, but completion takes place afterwards, to choose whether the new or the old rates will apply.
HMRC self-assessment online chat
HMRC has announced it is providing a new online chat service to customers with self-assessment queries this January. The service will run in an open chat forum and HMRC staff will be on hand to answer questions. Staff will not have access to taxpayers’ accounts, so HMRC advises that ‘for detailed account queries [taxpayers] should call the helpline as normal’. To use the service, click a registration link for one of the available dates and register your details. Registration for the service can be done at any time until 30 minutes before each chat forum ends, and one can join the service anytime between 9:00 to 16:30 on the day.
Loan relationships and derivative contracts: guidance on corporate rescue exemption
Loan relationships and derivative contracts: guidance on corporate rescue exemption
HMRC has published draft guidance on legislation for the new corporate rescue exemption included in the draft Finance Bill. The exemption will remove the obligation to bring into account a loan relationship credit arising on a release, modification or replacement of debt in certain circumstances on or after 1 January 2015 where a company is unable to pay its debts. The finalised guidance will be incorporated into the corporate finance manual.
PAYE coding notices
The Income Tax (Pay As You Earn) (Amendment) Regulations, SI 2015/2, will come into force at the end of this month. These amending regulations provide for HMRC to issue PAYE coding notices to employees in electronic format and remove the requirement to issue such notices to individuals where there is no liability to tax, with effect from 29 January 2015. They also remove the requirement for employers to complete an end-of-year checklist when making their final full payment submissions on and after 6 March 2015. The amendments to the PAYE regulations taking effect on 29 January 2015 will allow HMRC to issue PAYE coding notices electronically to employees and removing the obligation on HMRC to issue notices to employees who are not liable to tax on their PAYE income, or whose PAYE income is not chargeable to tax.
SDLT Bill progress
The Stamp Duty Land Tax Bill was debated in the House of Commons on 12 January 2015, where MPs debated the committee, report and third reading stages of the Bill. The Bill passed all stages without amendment, and has now passed to the House of Lords, where it had its first reading on Tuesday 13 January 2015. The second reading, in which the House will hold a general debate on all aspects of the Bill, is yet to be scheduled. The SDLT Bill amends the existing legislation which prescribes the method of calculating the amount of SDLT due in respect of residential property transactions and linked transactions, and sets out a new table of rates and bands applying to residential property transactions. It includes transitional provisions which allow purchasers in transactions where contracts were exchanged before the measure was announced, but completion takes place afterwards, to choose whether the new or the old rates will apply.
HMRC self-assessment online chat
HMRC has announced it is providing a new online chat service to customers with self-assessment queries this January. The service will run in an open chat forum and HMRC staff will be on hand to answer questions. Staff will not have access to taxpayers’ accounts, so HMRC advises that ‘for detailed account queries [taxpayers] should call the helpline as normal’. To use the service, click a registration link for one of the available dates and register your details. Registration for the service can be done at any time until 30 minutes before each chat forum ends, and one can join the service anytime between 9:00 to 16:30 on the day.
