A round up of new developments
Capital requirements directive: HMRC has set out its general views on the tax treatment of instruments that financial institutions are ‘seeking to issue as qualifying regulatory capital instruments under the current rules and after the implementation of the Capital Requirements Directive 4’.
Employers: HMRC published a further reminder that the expenses and benefits forms P11D, P11D(b) and P9D are due by 6 July. Guidance on completing the forms is provided on the HMRC website.
Employers making share-based payments to former employees: Updated guidance on payments of share-based earnings, made after an employment has ceased, that have not been including in form P45 ‘takes precedence over the previous version’, HMRC said. But HMRC acknowledged that ‘some 2012/13 payments will already have been made or arranged according to the original guidance’.
Money laundering regulations: HMRC has written to Money Service Businesses to summarise new guidance planned for the anti-money laundering guide for MSBs.
Salary sacrifice and pension schemes: An updated series of Q&As on salary sacrifice arrangements includes information on workplace pension schemes and auto-enrolment.
Tax return initiative: Higher rate taxpayers who have failed to submit tax returns are being offered the opportunity to come forward and pay up under a time-limited campaign, HMRC announced. Guidance is available on the HMRC website.
Gift Aid and small donations to charity: The Small Charitable Donations Bill, introducing the Gift Aid Small Donations Scheme (GASDS) announced at Budget 2011, received its first reading in the House of Commons on 21 June. The scheme will enable charities and Community Amateur Sports Clubs to claim a ‘Gift Aid-style payment’ on cash donations up to £20 where it is often difficult to obtain a declaration. HMRC published a summary of responses to consultation on the scheme.
Individual savings accounts: ISA Bulletin 44 has items on American Depositary Receipts, invalid applications to open a Junior ISA, and changes to ISA regulations.
National insurance contributions: HMRC issued guidance on changes to NIC rules for people going to or coming from Norway, Iceland and Liechtenstein.
Tax credits: HMRC published ‘top tips’ for tax credits claimants in the run up to the 31 July renewal deadline: ‘1. If you don't get your pack by 30 June, contact the Tax Credit Helpline. 2. Renew your tax credits claim as quickly as possible. The sooner you do, the sooner HMRC’s Tax Credit Office can work out your payments for the coming tax year. 3. You only need to contact HMRC if you receive an Annual Declaration form as well as an Annual Review notice. 4. You don't need to contact HMRC if you receive only an Annual Review notice (as your claim will be renewed automatically), unless your personal circumstances have changed. 5. Check all the information in the renewal pack, making sure all the changes reported in the last year are included. If anything isn’t right, contact the Tax Credit Office. 6. Report any changes – including bank details – by calling the Tax Credit Helpline on 0345 300 3900, or in writing. 7. If you contact the helpline, have handy: your National Insurance number; your password, if you have one; your renewal pack; details of any new changes in circumstances; the amount of your household’s total income for the last tax year. 8. You should follow the instructions on your form to confirm your claim for last year even if your circumstances have changed and you are no longer eligible for the current year.’
VAT anomalies: HMRC published a summary of responses to the recent consultation. The paper sets out a revised set of tests, announced at the end of May in response to fierce criticism of the Budget proposals, to define 'hot food'.
Fuel duties: Revenue & Customs Brief 20/12 provides guidance on changes to the treatment of certain fuel additive products.
Stamp taxes: HMRC’s Stamp Taxes Bulletin 2/2012 includes articles on the 7% rate of SDLT; the higher rate charge (15%) for acquisitions of residential property by certain non-natural persons; and the scope of two recent court decisions involving Stamp Duty Reserve Tax.
Agent Update: Issue 30 of HMRC’s publication includes articles on the joint initiative on HMRC service delivery, the extension of the Alternative Dispute Resolution trial, and changes to the taxation of non-domiciled individuals, as well as summaries of tax consultations and other developments.
Consultations: HM Treasury updated its tax consultation tracker on 29 June. See Tax Journal’s Consultations pages – we will update our own A-Z guide shortly.
See also:
A round up of new developments
Capital requirements directive: HMRC has set out its general views on the tax treatment of instruments that financial institutions are ‘seeking to issue as qualifying regulatory capital instruments under the current rules and after the implementation of the Capital Requirements Directive 4’.
Employers: HMRC published a further reminder that the expenses and benefits forms P11D, P11D(b) and P9D are due by 6 July. Guidance on completing the forms is provided on the HMRC website.
Employers making share-based payments to former employees: Updated guidance on payments of share-based earnings, made after an employment has ceased, that have not been including in form P45 ‘takes precedence over the previous version’, HMRC said. But HMRC acknowledged that ‘some 2012/13 payments will already have been made or arranged according to the original guidance’.
Money laundering regulations: HMRC has written to Money Service Businesses to summarise new guidance planned for the anti-money laundering guide for MSBs.
Salary sacrifice and pension schemes: An updated series of Q&As on salary sacrifice arrangements includes information on workplace pension schemes and auto-enrolment.
Tax return initiative: Higher rate taxpayers who have failed to submit tax returns are being offered the opportunity to come forward and pay up under a time-limited campaign, HMRC announced. Guidance is available on the HMRC website.
Gift Aid and small donations to charity: The Small Charitable Donations Bill, introducing the Gift Aid Small Donations Scheme (GASDS) announced at Budget 2011, received its first reading in the House of Commons on 21 June. The scheme will enable charities and Community Amateur Sports Clubs to claim a ‘Gift Aid-style payment’ on cash donations up to £20 where it is often difficult to obtain a declaration. HMRC published a summary of responses to consultation on the scheme.
Individual savings accounts: ISA Bulletin 44 has items on American Depositary Receipts, invalid applications to open a Junior ISA, and changes to ISA regulations.
National insurance contributions: HMRC issued guidance on changes to NIC rules for people going to or coming from Norway, Iceland and Liechtenstein.
Tax credits: HMRC published ‘top tips’ for tax credits claimants in the run up to the 31 July renewal deadline: ‘1. If you don't get your pack by 30 June, contact the Tax Credit Helpline. 2. Renew your tax credits claim as quickly as possible. The sooner you do, the sooner HMRC’s Tax Credit Office can work out your payments for the coming tax year. 3. You only need to contact HMRC if you receive an Annual Declaration form as well as an Annual Review notice. 4. You don't need to contact HMRC if you receive only an Annual Review notice (as your claim will be renewed automatically), unless your personal circumstances have changed. 5. Check all the information in the renewal pack, making sure all the changes reported in the last year are included. If anything isn’t right, contact the Tax Credit Office. 6. Report any changes – including bank details – by calling the Tax Credit Helpline on 0345 300 3900, or in writing. 7. If you contact the helpline, have handy: your National Insurance number; your password, if you have one; your renewal pack; details of any new changes in circumstances; the amount of your household’s total income for the last tax year. 8. You should follow the instructions on your form to confirm your claim for last year even if your circumstances have changed and you are no longer eligible for the current year.’
VAT anomalies: HMRC published a summary of responses to the recent consultation. The paper sets out a revised set of tests, announced at the end of May in response to fierce criticism of the Budget proposals, to define 'hot food'.
Fuel duties: Revenue & Customs Brief 20/12 provides guidance on changes to the treatment of certain fuel additive products.
Stamp taxes: HMRC’s Stamp Taxes Bulletin 2/2012 includes articles on the 7% rate of SDLT; the higher rate charge (15%) for acquisitions of residential property by certain non-natural persons; and the scope of two recent court decisions involving Stamp Duty Reserve Tax.
Agent Update: Issue 30 of HMRC’s publication includes articles on the joint initiative on HMRC service delivery, the extension of the Alternative Dispute Resolution trial, and changes to the taxation of non-domiciled individuals, as well as summaries of tax consultations and other developments.
Consultations: HM Treasury updated its tax consultation tracker on 29 June. See Tax Journal’s Consultations pages – we will update our own A-Z guide shortly.
See also:
