FA 2015 received royal assent on 26 March, as expected. See the full text.
Credit losses on financial instruments
HMRC is consulting until 22 May 2015 on draft amending regulations to enable all transitional accounting adjustments in respect of credit losses on financial instruments arising on first adoption of IFRS 9 to be spread over a 10-year period, regardless of when the debt falls due to be discharged. This measure will have effect for periods of account commencing on or after 1 January 2015. See the Loan Relationships and Derivative Contracts (Change of Accounting Practice) (Amendment) Regulations, SI 2015/Draft.
Diverted profits tax
The Finance Act 2009, Sections 101 and 102 (Diverted Profits Tax) (Appointed Day) Order, SI 2015/974, appoints 1 April 2015 as the date on which the FA 2009 provisions on late payment interest and repayment interest come into effect in relation to the new diverted profits tax. Read revised HMRC guidance on the tax.
Child savings regulations
The Individual Savings Account (Amendment No. 3) Regulations, SI 2015/941, make changes in connection with the transfer of child trust funds to junior ISAs with effect from 6 April 2015, corresponding to amendments made to the Child Trust Funds Regulations. The Child Trust Funds (Amendment No. 2) Regulations, SI 2015/876, also took effect on 6 April 2015. Following consultation, these regulations make provision for the transfer of a child trust fund to a junior ISA and also simplify the process for bulk transfers of accounts.
Landfill tax regulations
The Landfill Tax (Qualifying Fines) Order, SI 2015/845, specifies the qualifying conditions residual waste must satisfy under the new 'loss on ignition' testing regime in relation to eligibility for the lower rate of landfill tax from 1 April 2015. Regulations setting out information landfill operators must provide about waste which fails the test are contained in SI 2015/846. The Landfill Tax (Amendment No 2) Regulations, SI 2015/846, set out the information landfill operators must provide about residual waste which fails the new 'loss on ignition' test in relation to eligibility for the lower rate of landfill tax from 1 April 2015. The order specifying the qualifying conditions residual waste must satisfy under the new test is contained in SI 2015/845.
Tax agreements signed with Bulgaria and Sweden
The UK and Bulgaria signed a new double taxation convention on 26 March 2015, which will replace the existing 1987 convention between the two countries. The new convention has not yet entered into force. On the same date, the UK signed a new double taxation convention with Sweden, which will replace the existing 1983 convention between the two countries. The new convention has also not yet entered into force.
New employment intermediaries penalty regime
The Finance Act 2014, Section 18(2) to (4) (Appointed Day) Order, SI 2015/ 931, gives effect to the new initial and daily penalties which may be imposed on employment intermediaries from 6 April 2015 for failure to submit quarterly information returns in respect of workers they place and for whom PAYE is not operated.
OTS lists all recommendations so far
The Office of Tax Simplification (OTS) has published a compilation of the 402 recommendations it has made in its work to date. The list summarises all the recommendations in the OTS’s 31 reports and papers, together with a progress report on each item from HMRC. John Whiting, OTS tax director, said: ‘As the OTS’s mandate expires with the coming election, the aim of this paper is to collate a “state of play” on our work to date. In listing all 402 recommendations to date and the government’s responses, the paper will also give stakeholders a reference tool.’ .
New Pensions Tax Manual, which replaces the registered pension schemes manual. The new manual incorporates changes introduced by the Taxation of Pensions Act 2014 with effect from April 2015. It is currently in draft form, with comments invited until June 2015.
Investment managers: disguised fee income, which concerns legislation in FA 2015 s 21 which ensures that fees paid to investment fund managers from arrangements involving partnerships or other transparent vehicles are charged to income tax and class 4 NIC with effect from 6 April 2015. The guidance reflects changes made following responses to the draft legislation published at Autumn Statement;
FA 2015 received royal assent on 26 March, as expected. See the full text.
Credit losses on financial instruments
HMRC is consulting until 22 May 2015 on draft amending regulations to enable all transitional accounting adjustments in respect of credit losses on financial instruments arising on first adoption of IFRS 9 to be spread over a 10-year period, regardless of when the debt falls due to be discharged. This measure will have effect for periods of account commencing on or after 1 January 2015. See the Loan Relationships and Derivative Contracts (Change of Accounting Practice) (Amendment) Regulations, SI 2015/Draft.
Diverted profits tax
The Finance Act 2009, Sections 101 and 102 (Diverted Profits Tax) (Appointed Day) Order, SI 2015/974, appoints 1 April 2015 as the date on which the FA 2009 provisions on late payment interest and repayment interest come into effect in relation to the new diverted profits tax. Read revised HMRC guidance on the tax.
Child savings regulations
The Individual Savings Account (Amendment No. 3) Regulations, SI 2015/941, make changes in connection with the transfer of child trust funds to junior ISAs with effect from 6 April 2015, corresponding to amendments made to the Child Trust Funds Regulations. The Child Trust Funds (Amendment No. 2) Regulations, SI 2015/876, also took effect on 6 April 2015. Following consultation, these regulations make provision for the transfer of a child trust fund to a junior ISA and also simplify the process for bulk transfers of accounts.
Landfill tax regulations
The Landfill Tax (Qualifying Fines) Order, SI 2015/845, specifies the qualifying conditions residual waste must satisfy under the new 'loss on ignition' testing regime in relation to eligibility for the lower rate of landfill tax from 1 April 2015. Regulations setting out information landfill operators must provide about waste which fails the test are contained in SI 2015/846. The Landfill Tax (Amendment No 2) Regulations, SI 2015/846, set out the information landfill operators must provide about residual waste which fails the new 'loss on ignition' test in relation to eligibility for the lower rate of landfill tax from 1 April 2015. The order specifying the qualifying conditions residual waste must satisfy under the new test is contained in SI 2015/845.
Tax agreements signed with Bulgaria and Sweden
The UK and Bulgaria signed a new double taxation convention on 26 March 2015, which will replace the existing 1987 convention between the two countries. The new convention has not yet entered into force. On the same date, the UK signed a new double taxation convention with Sweden, which will replace the existing 1983 convention between the two countries. The new convention has also not yet entered into force.
New employment intermediaries penalty regime
The Finance Act 2014, Section 18(2) to (4) (Appointed Day) Order, SI 2015/ 931, gives effect to the new initial and daily penalties which may be imposed on employment intermediaries from 6 April 2015 for failure to submit quarterly information returns in respect of workers they place and for whom PAYE is not operated.
OTS lists all recommendations so far
The Office of Tax Simplification (OTS) has published a compilation of the 402 recommendations it has made in its work to date. The list summarises all the recommendations in the OTS’s 31 reports and papers, together with a progress report on each item from HMRC. John Whiting, OTS tax director, said: ‘As the OTS’s mandate expires with the coming election, the aim of this paper is to collate a “state of play” on our work to date. In listing all 402 recommendations to date and the government’s responses, the paper will also give stakeholders a reference tool.’ .
New Pensions Tax Manual, which replaces the registered pension schemes manual. The new manual incorporates changes introduced by the Taxation of Pensions Act 2014 with effect from April 2015. It is currently in draft form, with comments invited until June 2015.
Investment managers: disguised fee income, which concerns legislation in FA 2015 s 21 which ensures that fees paid to investment fund managers from arrangements involving partnerships or other transparent vehicles are charged to income tax and class 4 NIC with effect from 6 April 2015. The guidance reflects changes made following responses to the draft legislation published at Autumn Statement;
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