The Finance Act 2015, Section 29 (Film Tax Relief) (Specified Day) Regulations, SI 2015/1741, specify 1 April 2015 as the effective date for the extension of the 25% rate of film tax relief to all qualifying core expenditure on films still in production at that date.
Car manufacturer Volkswagen’s manipulation of diesel emissions tests in the US and Europe could potentially impact UK cars and have a knock-on effect on the taxation of company car benefits, accountants have warned.
HMRC has released an issue briefing setting out its plans for recovery of tax debts over £1,000 directly from taxpayers' bank, building society or ISA accounts, the legislation for which is now included in Summer Finance Bill 2015 (Clause 47).
HMRC has issued a factsheet CC/FS24 which outlines their power to issue notices for ‘accelerated payment’ of disputed tax liabilities in connection with tax avoidance schemes registered under DOTAS.
Steven Bone (The Capital Allowances Partnership Ltd) answers a reader query.
Tax Journal's coverage of the Summer Finance Bill.
Cancellation of CIS registration
The first Conservative Budget for 19 years sees ‘Osborne unbound’, writes Chris Sanger (global head of tax policy, EY) in Tax Journal. This was ‘a reforming Budget’ which sets out plans for a lower tax future ‘but boosts the exchequer’s coffers greatly in the short term’.
When is an application to reduce penalties because of ‘special circumstances’ a better bet than ‘reasonable excuse’? Peter Vaines (Squire Patton Boggs) considers a recent tribunal decision.