HMRC has updated its Employment Related Securities Manual to reflect changes introduced by FA 2013, including: a new page on residence and split-year treatment; guidance on former and prospective employment and split-year treatment; and an expanded description of partly-paid shares and updating of residence aspects of application of ITEPA 2003 Chapter 3C.
Charity trustees able to adopt total return investment from 2014
The Trusts (Capital and Income) Act 2013 (Commencement No.2) Order, SI 2013/2461, has been released. This order brings into force from 1 January 2014 the remaining provisions of the Trusts (Capital and Income) Act 2013, which enable charity trustees to adopt total return investment, removing the need to classify individual investment returns as either income or capital.
VAT records
HMRC has issued revised Notice 700/21 Keeping VAT records (October 2013). This notice cancels and replaces Notice 700/21 (December 2007). The changes correct a couple of errors, update out of date information, and introduce new guidance on issuing VAT simplified invoices by businesses other than retailers.
Low value bulking imports update
HMRC has published Customs Information Paper (13) 60, which is available in PDF form on its website, on the changes to the rules on the low value bulking of imports (LVBI). This paper provides confirmation that LVBI goods with a value of between £15 and £135 must be declared at item level, requiring a 10-digit commodity code with effect from 1 October 2013.
Annual tax on enveloped dwellings (ATED): interest on late payments
The Finance Act 2009, Sections 101 and 102 (Annual Tax on Enveloped Dwellings) (Appointed Day) Order 2013, SI 2013/2472, has been released. This order brings into force from 1 October 2013 the rules on interest applied to late payments/repayments in connection with the annual tax on enveloped dwellings (ATED for short).
IHT toolkit update
HMRC has published the updated its inheritance tax toolkit to help agents avoid making common errors when completing form IHT400. This toolkit is effective for deaths occurring on or after 6 April 2013.
People and firms
Tina Riches is leaving the CIOT to take up the position as head of the national tax function at Smith & Williamson. Riches, who spent seven years as the CIOT’s technical director, will be taking over on 1 January 2014 from Richard Mannion, who is retiring from his role as the firm’s head of national tax. Devereux Chambers has announced that Georgia Hicks has become a tenant, following the successful completion of her pupillage on 1 October.
HMRC has updated its Employment Related Securities Manual to reflect changes introduced by FA 2013, including: a new page on residence and split-year treatment; guidance on former and prospective employment and split-year treatment; and an expanded description of partly-paid shares and updating of residence aspects of application of ITEPA 2003 Chapter 3C.
Charity trustees able to adopt total return investment from 2014
The Trusts (Capital and Income) Act 2013 (Commencement No.2) Order, SI 2013/2461, has been released. This order brings into force from 1 January 2014 the remaining provisions of the Trusts (Capital and Income) Act 2013, which enable charity trustees to adopt total return investment, removing the need to classify individual investment returns as either income or capital.
VAT records
HMRC has issued revised Notice 700/21 Keeping VAT records (October 2013). This notice cancels and replaces Notice 700/21 (December 2007). The changes correct a couple of errors, update out of date information, and introduce new guidance on issuing VAT simplified invoices by businesses other than retailers.
Low value bulking imports update
HMRC has published Customs Information Paper (13) 60, which is available in PDF form on its website, on the changes to the rules on the low value bulking of imports (LVBI). This paper provides confirmation that LVBI goods with a value of between £15 and £135 must be declared at item level, requiring a 10-digit commodity code with effect from 1 October 2013.
Annual tax on enveloped dwellings (ATED): interest on late payments
The Finance Act 2009, Sections 101 and 102 (Annual Tax on Enveloped Dwellings) (Appointed Day) Order 2013, SI 2013/2472, has been released. This order brings into force from 1 October 2013 the rules on interest applied to late payments/repayments in connection with the annual tax on enveloped dwellings (ATED for short).
IHT toolkit update
HMRC has published the updated its inheritance tax toolkit to help agents avoid making common errors when completing form IHT400. This toolkit is effective for deaths occurring on or after 6 April 2013.
People and firms
Tina Riches is leaving the CIOT to take up the position as head of the national tax function at Smith & Williamson. Riches, who spent seven years as the CIOT’s technical director, will be taking over on 1 January 2014 from Richard Mannion, who is retiring from his role as the firm’s head of national tax. Devereux Chambers has announced that Georgia Hicks has become a tenant, following the successful completion of her pupillage on 1 October.
