IHT guidance; temporary non-residence; EU VAT rates; VAT avoidance; intrastat; TV tax relief; OECD transfer pricing papers; Panama; toolkit
FA 2013: IHT guidance
HMRC has issued guidance on the provisions in FA 2013 ss 176 & 177 and Sch 36 which: restrict the deduction of liabilities from the value of an estate; and introduce domicile elections for IHT purposes. This will be incorporated in HMRC’s IHT Manual in due course.
Temporary non-residence
The Temporary Non-Residence (Miscellaneous Amendments) Regulations, SI 2013/1810, apply the temporary non-residence rules, introduced as part of the new statutory residence test, to pension schemes chargeable payments and income from offshore funds with effect from April 2013. The rules provide that where an individual has a period of temporary non-residence, certain events will be treated as taking place in the year the individual returns to the UK, and will thus be taxable in the UK. A draft of these regulations was published for comment in February 2013.
VAT rates around the EU
The European Commission has published an updated list of VAT rates (including reduced, super-reduced and zero-rates) in force in each Member State at 1 July 2013.
Tackling VAT avoidance
HMRC is challenging schemes which take advantage of the VAT exemption for non-profit-making bodies by routing fees through these bodies to make what have been termed ‘covert distributions’.
Intrastat: arrival exemption
The Statistics of Trade (Customs and Excise) (Amendment) Regulations, SI 2013/Draft, would amend the UK intrastat legislation to increase the arrival exemption threshold for making declarations from £600,000 to £1.2m with effect from 1 January 2014.
Cultural TV programmes tax relief
The Cultural Test (Television Programmes) Regulations, SI 2013/1831, set out cultural tests for television programmes to see if they qualify for tax relief, and will come into operation from 13 August 2013.
OECD invites comments on transfer pricing papers
The OECD is inviting comments on both its white paper on transfer pricing documentation and its revised discussion draft on transfer pricing aspects of intangibles by 1 October 2013. Both papers and contact details can be viewed on the OECD website, via www.lexisurl.com/0oFPB.
Panama tax agreement signed
A first-time comprehensive double taxation convention between the UK and Panama was signed in London on 29 July 2013.
HMRC toolkit published
HMRC compliance toolkit for use by agents, Expenses and Benefits from Employment (2013), has been published, covering 2012/13 employers’ end of year forms and record keeping for 2013/14.
IHT guidance; temporary non-residence; EU VAT rates; VAT avoidance; intrastat; TV tax relief; OECD transfer pricing papers; Panama; toolkit
FA 2013: IHT guidance
HMRC has issued guidance on the provisions in FA 2013 ss 176 & 177 and Sch 36 which: restrict the deduction of liabilities from the value of an estate; and introduce domicile elections for IHT purposes. This will be incorporated in HMRC’s IHT Manual in due course.
Temporary non-residence
The Temporary Non-Residence (Miscellaneous Amendments) Regulations, SI 2013/1810, apply the temporary non-residence rules, introduced as part of the new statutory residence test, to pension schemes chargeable payments and income from offshore funds with effect from April 2013. The rules provide that where an individual has a period of temporary non-residence, certain events will be treated as taking place in the year the individual returns to the UK, and will thus be taxable in the UK. A draft of these regulations was published for comment in February 2013.
VAT rates around the EU
The European Commission has published an updated list of VAT rates (including reduced, super-reduced and zero-rates) in force in each Member State at 1 July 2013.
Tackling VAT avoidance
HMRC is challenging schemes which take advantage of the VAT exemption for non-profit-making bodies by routing fees through these bodies to make what have been termed ‘covert distributions’.
Intrastat: arrival exemption
The Statistics of Trade (Customs and Excise) (Amendment) Regulations, SI 2013/Draft, would amend the UK intrastat legislation to increase the arrival exemption threshold for making declarations from £600,000 to £1.2m with effect from 1 January 2014.
Cultural TV programmes tax relief
The Cultural Test (Television Programmes) Regulations, SI 2013/1831, set out cultural tests for television programmes to see if they qualify for tax relief, and will come into operation from 13 August 2013.
OECD invites comments on transfer pricing papers
The OECD is inviting comments on both its white paper on transfer pricing documentation and its revised discussion draft on transfer pricing aspects of intangibles by 1 October 2013. Both papers and contact details can be viewed on the OECD website, via www.lexisurl.com/0oFPB.
Panama tax agreement signed
A first-time comprehensive double taxation convention between the UK and Panama was signed in London on 29 July 2013.
HMRC toolkit published
HMRC compliance toolkit for use by agents, Expenses and Benefits from Employment (2013), has been published, covering 2012/13 employers’ end of year forms and record keeping for 2013/14.
