Market leading insight for tax experts
View online issue

In brief: Autumn Statement; RTI; OECD BEPS; VAT gap

printer Mail

Autumn Statement

The chancellor delivered his Autumn Statement on Thursday 5 December 2013. Draft clauses for inclusion in the Finance Bill 2014 are due to be published on 10 December 2013. There will then be a period of consultation on those clauses, which will close on 4 February 2014.

RTI consultation

HMRC is seeking views on legislation about real time information (RTI), including penalties, direct collection and exempt employers. The deadline for the submission of comments is 11:45pm on 24 January 2014.

OECD BEPS timetable for 2014

The OECD has published a timetable of forthcoming consultations and discussion drafts scheduled for 2014 in connection with its action plan on base erosion and profit shifting (BEPS).

VAT gap estimate

HMRC has released its preliminary estimate of the VAT gap for 2012/13, based on full year consumer expenditure data, accounting for around two-thirds of the VAT total theoretical liability, with the remaining one-third being a forecast based on the estimates for the UK economy produced by the Office for Budget Responsibility. The VAT gap for 2012/13 is estimated at £12.9bn, which equates to around 11.4% of the estimated total VAT total theoretical liability. According to HMRC, the VAT gap has remained between 10% and 12% from 2009/10 onwards, and the second estimate for the VAT gap for 2012/13 will be published in spring 2014.

Issue: 1196
Categories: News