The Finance Bill completed its Commons stages on 2 July 2014 (see the past two editions of Tax Journal for details of Report Stage amendments to the Bill). The House of Lords stages will take place on 16 July. The Lords version of the Bill, effectively the Finance Act 2014, is now available. The Bill will receive royal assent by 22 July.
Business premises renovation allowance
The Business Premises Renovation Allowances (Amendment) Regulations, SI 2014/1687, come into effect on 22 July 2014. They make a number of changes to ensure that they continue to comply with state aid rules, following the replacement of Commission Regulation no. 800/2008 declaring certain categories of aid compatible with the internal market in the application of articles 107 and 108 of the treaty, commonly called the ‘General Block Exemption Regulation (GBER)’, with General Block Exemption Regulation no. 651/2014. FB 2014 cl 65 contains other changes to the business premises allowance.
Consultation on draft regulations on electronic PAYE coding notices
HMRC is consulting until 3 August 2014 on draft regulations, The Income Tax (Pay As You Earn) (Amendment No. X) Regulations 2014, enabling PAYE coding notices to be issued electronically. The regulations will relax the requirement for HMRC to issue a coding notice to an employee where no tax is due and will also allow HMRC to notify an employee up to 30 days after issue of a coding notice to the employer.
Progress report on OTS review of pensioner taxation
HMRC has provided the OTS with a summary of progress made against the five administrative simplification recommendations contained in the OTS’s final report on pensioner taxation, published in January 2013. The five recommendations concern: P60-type certificates from the DWP; composite coding notices; redesigned R85 (gross interest) form; online R40 repayment claim; and better HMRC/DWP liaison.
Revised VAT7 form
HMRC has published a revised VAT7 form. VAT7 is the application form used to cancel a VAT registration. The minor amendments made to the form include an updated telephone number.
FATCA: withholding foreign partnerships and withholding foreign trusts
The US Internal Revenue Service will permit withholding foreign partnerships (WP) and withholding foreign trusts (WT) to retain their status for payments received before 1 August 2014, provided they continue to comply with their obligations under a WP or WT agreement in effect as of 30 June 2014. The IRS expects to publish the revised withholding agreements in July 2014 (Revenue Procedure 2014-39).
UK/Tajikistan double tax treaty
The governments of the UK and Tajikistan signed a first-time comprehensive double taxation agreement on 1 July 2014 in London. The agreement will enter into force once both countries have completed their legislative procedures. The new agreement generally follows the OECD Model Double Taxation Convention and includes the latest OECD exchange of information article and an arbitration provision to assist the mutual agreement process.
HMRC guidance
New HMRC guidance is available from HMRC’s website, including:
Pension Schemes Newsletter 63 which includes articles on: forms improvements; new lifetime allowance checking tool for Individual Protection 2014; certificates for Fixed Protection 2014; updated QROPS transfer form; new registration process and relief-at-source applications; and requests for information and advice;
JCCC CIP (14) 51: Updated Notice 232 on customs warehousing, replacing the January 2011 version; and
Notice 205: Official Customs seals and trader sealing, replacing the July 2012 version.
The Finance Bill completed its Commons stages on 2 July 2014 (see the past two editions of Tax Journal for details of Report Stage amendments to the Bill). The House of Lords stages will take place on 16 July. The Lords version of the Bill, effectively the Finance Act 2014, is now available. The Bill will receive royal assent by 22 July.
Business premises renovation allowance
The Business Premises Renovation Allowances (Amendment) Regulations, SI 2014/1687, come into effect on 22 July 2014. They make a number of changes to ensure that they continue to comply with state aid rules, following the replacement of Commission Regulation no. 800/2008 declaring certain categories of aid compatible with the internal market in the application of articles 107 and 108 of the treaty, commonly called the ‘General Block Exemption Regulation (GBER)’, with General Block Exemption Regulation no. 651/2014. FB 2014 cl 65 contains other changes to the business premises allowance.
Consultation on draft regulations on electronic PAYE coding notices
HMRC is consulting until 3 August 2014 on draft regulations, The Income Tax (Pay As You Earn) (Amendment No. X) Regulations 2014, enabling PAYE coding notices to be issued electronically. The regulations will relax the requirement for HMRC to issue a coding notice to an employee where no tax is due and will also allow HMRC to notify an employee up to 30 days after issue of a coding notice to the employer.
Progress report on OTS review of pensioner taxation
HMRC has provided the OTS with a summary of progress made against the five administrative simplification recommendations contained in the OTS’s final report on pensioner taxation, published in January 2013. The five recommendations concern: P60-type certificates from the DWP; composite coding notices; redesigned R85 (gross interest) form; online R40 repayment claim; and better HMRC/DWP liaison.
Revised VAT7 form
HMRC has published a revised VAT7 form. VAT7 is the application form used to cancel a VAT registration. The minor amendments made to the form include an updated telephone number.
FATCA: withholding foreign partnerships and withholding foreign trusts
The US Internal Revenue Service will permit withholding foreign partnerships (WP) and withholding foreign trusts (WT) to retain their status for payments received before 1 August 2014, provided they continue to comply with their obligations under a WP or WT agreement in effect as of 30 June 2014. The IRS expects to publish the revised withholding agreements in July 2014 (Revenue Procedure 2014-39).
UK/Tajikistan double tax treaty
The governments of the UK and Tajikistan signed a first-time comprehensive double taxation agreement on 1 July 2014 in London. The agreement will enter into force once both countries have completed their legislative procedures. The new agreement generally follows the OECD Model Double Taxation Convention and includes the latest OECD exchange of information article and an arbitration provision to assist the mutual agreement process.
HMRC guidance
New HMRC guidance is available from HMRC’s website, including:
Pension Schemes Newsletter 63 which includes articles on: forms improvements; new lifetime allowance checking tool for Individual Protection 2014; certificates for Fixed Protection 2014; updated QROPS transfer form; new registration process and relief-at-source applications; and requests for information and advice;
JCCC CIP (14) 51: Updated Notice 232 on customs warehousing, replacing the January 2011 version; and
Notice 205: Official Customs seals and trader sealing, replacing the July 2012 version.
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