HMRC has published FAQs on the new special mixed fund rules contained in Sch 6 to Finance Bill 2013. These rules replace SP1/09 from April 2013, allowing non-domiciled employees, who are taxed on the remittance basis and qualify for overseas workday relief, to aggregate mixed funds from overseas sources in a single qualifying account.
‘Tax-free shopping’ consultation
HMRC is consulting until 30 September 2013 on improvements to the VAT retail export scheme, better known as tax-free shopping. The VAT retail export scheme allows non-EU visitors to claim a refund of VAT on goods they buy and export from the EU in their personal luggage. HMRC said it would like to make the retail export scheme easier to use and understand, and to limit opportunities for error and fraud.
Scottish parliament passes bill
The Scottish parliament has passed the Land and Building Transactions Tax (Scotland) Bill, which will replace SDLT in Scotland from April 2015. The Scottish government also published an analysis of responses received to its consultation on the care and management arrangements for that new tax and Scottish landfill tax, to be administered by Revenue Scotland from 1 April 2015.
Consultation on UK crown dependencies’ agreements
The government is consulting until 6 September 2013 on implementation of model agreements for reciprocal exchange of tax information with the crown dependencies (Isle of Man, Jersey and Guernsey). The model agreements differ from the US FATCA legislation on which they are based to the extent that they offer an alternative reporting regime to non-domiciled individuals taxed on the remittance basis.
ATED return
HMRC has published a draft version of the annual tax on enveloped dwellings (ATED) return, which is available for viewing on its website. The final version is expected by the end of July 2013. The first ATED returns will be due by 1 October 2013. The brief guide is based on draft legislation in FA 2013 and is therefore subject to change.
HMRC has published FAQs on the new special mixed fund rules contained in Sch 6 to Finance Bill 2013. These rules replace SP1/09 from April 2013, allowing non-domiciled employees, who are taxed on the remittance basis and qualify for overseas workday relief, to aggregate mixed funds from overseas sources in a single qualifying account.
‘Tax-free shopping’ consultation
HMRC is consulting until 30 September 2013 on improvements to the VAT retail export scheme, better known as tax-free shopping. The VAT retail export scheme allows non-EU visitors to claim a refund of VAT on goods they buy and export from the EU in their personal luggage. HMRC said it would like to make the retail export scheme easier to use and understand, and to limit opportunities for error and fraud.
Scottish parliament passes bill
The Scottish parliament has passed the Land and Building Transactions Tax (Scotland) Bill, which will replace SDLT in Scotland from April 2015. The Scottish government also published an analysis of responses received to its consultation on the care and management arrangements for that new tax and Scottish landfill tax, to be administered by Revenue Scotland from 1 April 2015.
Consultation on UK crown dependencies’ agreements
The government is consulting until 6 September 2013 on implementation of model agreements for reciprocal exchange of tax information with the crown dependencies (Isle of Man, Jersey and Guernsey). The model agreements differ from the US FATCA legislation on which they are based to the extent that they offer an alternative reporting regime to non-domiciled individuals taxed on the remittance basis.
ATED return
HMRC has published a draft version of the annual tax on enveloped dwellings (ATED) return, which is available for viewing on its website. The final version is expected by the end of July 2013. The first ATED returns will be due by 1 October 2013. The brief guide is based on draft legislation in FA 2013 and is therefore subject to change.
