IASB consultation on accounting for tax on share-based payments
IASB consultation on accounting for tax on share-based payments
The International Accounting Standards Board is consulting until 25 March 2015 on proposed changes to IFRS2 which would treat share-based payments as equity-settled where an employer meets the employee’s tax liability by withholding a specified portion of the equity instruments (known as ‘net settlement’).
CGT rollover relief extended to Lloyd’s underwriting partnerships
The Lloyd’s Underwriters (Conversion of Partnerships to Underwriting through Successor Companies) (Tax) Regulations, SI 2014/3133, will extend CGT rollover relief with effect from 19 December 2014 to individual partners in Lloyd’s underwriting partnerships which convert to companies. The relief will be available for disposals in respect of the member's interest in both syndicate capacity and the ancillary trust fund. A change in Lloyd's rules from 1 January 2015 requires all participants in underwriting to be UK resident, which will see a number of partnerships with non-resident partners converting to UK-resident companies. A similar relief is already available to individual Lloyd’s underwriters and to partnerships generally which convert to companies.
NIC (No. 2) Bill
The House of Lords committee stage for the National Insurance Contributions (No. 2) Bill 2014 is scheduled for 15 December 2014, following completion of the House of Commons stages on 11 November. The Bill covers four main measures:
collection of class 2 NIC through self-assessment;
follower notices and accelerated payments in avoidance cases;
a monitoring regime for high-risk promoters to mirror the income tax rules in FA 2014; and
a targeted anti-avoidance rule for employment intermediaries.
OECD BEPS webcast
The next OECD BEPS webcast is taking place on Monday 15 December 2014 for an hour from 3pm CET (2pm GMT) when senior members from the OECD Centre for Tax Policy and Administration will update participants on the latest from the BEPS project. Register for the webcast.
HMRC tariff classification helpline consultation
HMRC is consulting until 18 February 2015 on whether there is still a need for the tariff classification helpline (for customers who need help when classifying goods for import or export purposes), since the telephone service no longer fits with the HMRC’s digital strategy. HMRC will pilot the use of a structured email format for classification enquiries between Monday 1 December 2014 and Friday 30 January 2015, during which the helpline will be closed for incoming telephone enquiries.
HMRC guidance
HMRC has issued the following on its website:
Minutes of the Pension Industry Stakeholder Forum, 22 October 2014.
IASB consultation on accounting for tax on share-based payments
IASB consultation on accounting for tax on share-based payments
The International Accounting Standards Board is consulting until 25 March 2015 on proposed changes to IFRS2 which would treat share-based payments as equity-settled where an employer meets the employee’s tax liability by withholding a specified portion of the equity instruments (known as ‘net settlement’).
CGT rollover relief extended to Lloyd’s underwriting partnerships
The Lloyd’s Underwriters (Conversion of Partnerships to Underwriting through Successor Companies) (Tax) Regulations, SI 2014/3133, will extend CGT rollover relief with effect from 19 December 2014 to individual partners in Lloyd’s underwriting partnerships which convert to companies. The relief will be available for disposals in respect of the member's interest in both syndicate capacity and the ancillary trust fund. A change in Lloyd's rules from 1 January 2015 requires all participants in underwriting to be UK resident, which will see a number of partnerships with non-resident partners converting to UK-resident companies. A similar relief is already available to individual Lloyd’s underwriters and to partnerships generally which convert to companies.
NIC (No. 2) Bill
The House of Lords committee stage for the National Insurance Contributions (No. 2) Bill 2014 is scheduled for 15 December 2014, following completion of the House of Commons stages on 11 November. The Bill covers four main measures:
collection of class 2 NIC through self-assessment;
follower notices and accelerated payments in avoidance cases;
a monitoring regime for high-risk promoters to mirror the income tax rules in FA 2014; and
a targeted anti-avoidance rule for employment intermediaries.
OECD BEPS webcast
The next OECD BEPS webcast is taking place on Monday 15 December 2014 for an hour from 3pm CET (2pm GMT) when senior members from the OECD Centre for Tax Policy and Administration will update participants on the latest from the BEPS project. Register for the webcast.
HMRC tariff classification helpline consultation
HMRC is consulting until 18 February 2015 on whether there is still a need for the tariff classification helpline (for customers who need help when classifying goods for import or export purposes), since the telephone service no longer fits with the HMRC’s digital strategy. HMRC will pilot the use of a structured email format for classification enquiries between Monday 1 December 2014 and Friday 30 January 2015, during which the helpline will be closed for incoming telephone enquiries.
HMRC guidance
HMRC has issued the following on its website:
Minutes of the Pension Industry Stakeholder Forum, 22 October 2014.
