Business premises renovation; transfer of assets; employee-shareholders; RTI; TV production; offshore funds; self-employed NIC; working tax credit; NIC bill; child trust funds; SAYE; Welsh devolution; SDLT; ATED; people and firms
HMRC is consulting until 30 September 2013 on a review of business premises renovation allowances, including proposed new legislation to block a number of avoidance schemes disclosed under the DOTAS rules. HMRC has also published an accompanying technical note.
HMRC has published a consultation, Reform of an anti-avoidance provision: transfer of assets abroad, seeking views on the matching rules and on new draft guidance. The document includes non EU-related responses to the consultation document issued 30 July 2012. The closing date for this consultation is 10 October 2013.
The Finance Act 2013 Schedule 23 (Employee Shareholder Shares) (Appointed Day) Order, SI 2013/1755, confirms 1 September 2013 as the date on which legislation in FA 2013, introducing reliefs from income tax and corporation tax on the provision of employee-shareholder shares and exemption from CGT on their disposal, comes into force.
HMRC has published for consultation until 17 August 2013 draft amending regulations for income tax and NICs extending the temporary relaxation of real-time reporting rules for businesses with fewer than 50 employees. HMRC announced in June its intention to extend this relaxation until April 2014, which allows small businesses to send PAYE information to HMRC by the date of their regular payroll run, but no later than the end of the tax month.
As per Finance Act 2013 Schedules 16 and 18 (Tax Relief for Television Production) (Appointed Day) Order, SI 2013/1817, television production companies can benefit from changes to corporation tax from 19 July 2013.
As per the Offshore Funds (Tax) (Amendment No. 3) Regulations, SI 2013/1770, annual payments to a participant in an offshore fund will not be subject to a duty to withhold a sum representing income tax on the payment where certain conditions are met. These changes have effect from 7 August 2013. In addition, HMRC has published a consultation, Residence of offshore funds: extending the scope of Section 363A Taxation Act 2010, inviting comments until 14 October 2013.
HMRC has published a consultation, Simplifying the national insurance processes for the self-employed, seeking views on collecting class 2 NIC alongside class 4 NIC and income tax through the self-assessment process. The closing date for this consultation is 9 October 2013.
The Working Tax Credit (Entitlement and Maximum Rate) (Amendment) Regulations, SI 2013/1736, preserve entitlement to working tax credit for those whose claim depended on receipt of council tax benefit which included a disability premium, and where this benefit was being paid at 31 March 2013. Council tax benefit was abolished with effect from 1 April 2013.
The government has published the draft National Insurance Contributions Bill for comment. Measures legislated in this Bill include: extending the GAAR to NIC; imposing a NIC charge on offshore employment intermediaries; and enabling certain members of limited liability partnerships to be reclassified as employed earners for NIC purposes.
The Child Trust Funds (Amendment No. 2) Regulations, SI 2013/1744, which come into effect on 5 August 2013, extend the list of qualifying investments for child trust funds to include company shares admitted to trading on a recognised stock exchange in the EEA. They also introduce an administrative easement for certain bulk transfers between providers.
HMRC announced the seven-year savings period of save as you earn (SAYE) share option schemes has been withdrawn from 23 July 2013.
The government has announced its intention to consult on devolving SDLT to the National Assembly for Wales.
HMRC has published guidance on the new SDLT rules for ‘pre-completion transactions’, which replace the old ‘transfers of rights’ rules with effect from 17 July 2013 (the date of Royal Assent to FA 2013). The new rules are now contained in FA 2013 Sch 39. This guidance will be incorporated into the SDLT Manual in due course.
The provisions in the Annual Tax on Enveloped Dwellings (Returns) Regulations, SI 2013/1844, take effect on 12 August 2013. The method for making an annual tax on enveloped dwellings (ATED) return to HMRC is prescribed, as well as the legal presumptions which will be made regarding the validation of electronic communication.
Hogan Lovells will open an office in Luxembourg on 1 August. The move is said to be ‘part of its strategy to continue to grow its funds and tax practices and develop in markets that are key to the firm’s clients’.
Business premises renovation; transfer of assets; employee-shareholders; RTI; TV production; offshore funds; self-employed NIC; working tax credit; NIC bill; child trust funds; SAYE; Welsh devolution; SDLT; ATED; people and firms
HMRC is consulting until 30 September 2013 on a review of business premises renovation allowances, including proposed new legislation to block a number of avoidance schemes disclosed under the DOTAS rules. HMRC has also published an accompanying technical note.
HMRC has published a consultation, Reform of an anti-avoidance provision: transfer of assets abroad, seeking views on the matching rules and on new draft guidance. The document includes non EU-related responses to the consultation document issued 30 July 2012. The closing date for this consultation is 10 October 2013.
The Finance Act 2013 Schedule 23 (Employee Shareholder Shares) (Appointed Day) Order, SI 2013/1755, confirms 1 September 2013 as the date on which legislation in FA 2013, introducing reliefs from income tax and corporation tax on the provision of employee-shareholder shares and exemption from CGT on their disposal, comes into force.
HMRC has published for consultation until 17 August 2013 draft amending regulations for income tax and NICs extending the temporary relaxation of real-time reporting rules for businesses with fewer than 50 employees. HMRC announced in June its intention to extend this relaxation until April 2014, which allows small businesses to send PAYE information to HMRC by the date of their regular payroll run, but no later than the end of the tax month.
As per Finance Act 2013 Schedules 16 and 18 (Tax Relief for Television Production) (Appointed Day) Order, SI 2013/1817, television production companies can benefit from changes to corporation tax from 19 July 2013.
As per the Offshore Funds (Tax) (Amendment No. 3) Regulations, SI 2013/1770, annual payments to a participant in an offshore fund will not be subject to a duty to withhold a sum representing income tax on the payment where certain conditions are met. These changes have effect from 7 August 2013. In addition, HMRC has published a consultation, Residence of offshore funds: extending the scope of Section 363A Taxation Act 2010, inviting comments until 14 October 2013.
HMRC has published a consultation, Simplifying the national insurance processes for the self-employed, seeking views on collecting class 2 NIC alongside class 4 NIC and income tax through the self-assessment process. The closing date for this consultation is 9 October 2013.
The Working Tax Credit (Entitlement and Maximum Rate) (Amendment) Regulations, SI 2013/1736, preserve entitlement to working tax credit for those whose claim depended on receipt of council tax benefit which included a disability premium, and where this benefit was being paid at 31 March 2013. Council tax benefit was abolished with effect from 1 April 2013.
The government has published the draft National Insurance Contributions Bill for comment. Measures legislated in this Bill include: extending the GAAR to NIC; imposing a NIC charge on offshore employment intermediaries; and enabling certain members of limited liability partnerships to be reclassified as employed earners for NIC purposes.
The Child Trust Funds (Amendment No. 2) Regulations, SI 2013/1744, which come into effect on 5 August 2013, extend the list of qualifying investments for child trust funds to include company shares admitted to trading on a recognised stock exchange in the EEA. They also introduce an administrative easement for certain bulk transfers between providers.
HMRC announced the seven-year savings period of save as you earn (SAYE) share option schemes has been withdrawn from 23 July 2013.
The government has announced its intention to consult on devolving SDLT to the National Assembly for Wales.
HMRC has published guidance on the new SDLT rules for ‘pre-completion transactions’, which replace the old ‘transfers of rights’ rules with effect from 17 July 2013 (the date of Royal Assent to FA 2013). The new rules are now contained in FA 2013 Sch 39. This guidance will be incorporated into the SDLT Manual in due course.
The provisions in the Annual Tax on Enveloped Dwellings (Returns) Regulations, SI 2013/1844, take effect on 12 August 2013. The method for making an annual tax on enveloped dwellings (ATED) return to HMRC is prescribed, as well as the legal presumptions which will be made regarding the validation of electronic communication.
Hogan Lovells will open an office in Luxembourg on 1 August. The move is said to be ‘part of its strategy to continue to grow its funds and tax practices and develop in markets that are key to the firm’s clients’.
