The Office of Tax Simplification has begun conducting a simplification review into the VAT system.
The Autumn Statement announcement of an increase in the standard rate of insurance premium tax from 10% to 12% means the UK now has the sixth highest rate in Europe, behind only Germany, Greece, Italy, the Netherlands and Finland, according to the Association of British Insurers.
Lorry drivers liable for excise duty
The following statutory instruments have been issued:
The International Civil Aviation Organization (ICAO) has reached agreement on a new scheme, the global market-based measure (GMBM), under which airlines will offset their C02 emissions through the purchase of ‘emission units’ generated by carbon reduction projects in other sectors, beginning in 2
The Aggregates Levy (Registration and Miscellaneous Provisions) (Amendment) Regulations, SI 2016/967, revoke SI 2015/1487 and make similar provision from 1 November 2016, with improved drafting, for exemptions from the requirement for businesses to register for the aggregates levy where they only
HMRC has updated Revenue and Customs Brief 17/2015 to reflect the extension for a further 12 months, until 31 December 2017, of the transitional period during which a pension fund and employer may continue to apply a 70/30 asset management/administration costs split in relation to VAT recovery fo
HMRC has published an overview of its new powers, introduced by Finance Act 2016 ss 123 and 124, to require overseas businesses trading through online marketplaces to register for VAT in the UK, appoint a UK representative, or provide security.
HMRC is consulting until 14 November 2016 on draft regulations setting out the detail of the approval scheme for users and dealers in raw tobacco, as introduced by Finance Act 2016. The scheme will come into effect on 1 April 2017, with the registration process due to begin in January 2017.
HMRC is consulting until 7 October 2016 on proposals to reduce the window for filing and payment of SDLT from 30 days to 14 days after the effective date of the transaction, beginning in 2018, together with other changes to the filing and payment process.
The consultation proposes: