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In brief: low emission cars; orchestras; remittance basis; fuel laundering; Budget; tax collection; indexation allowance; MLR fees; guidance

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Capital allowances: low emission cars

The Capital Allowances Act 2001 (Extension of first-year allowances) (Amendment) Order, SI 2015/60, extends the availability of 100% first-year allowances for low-emission cars and gas refuelling equipment for a further three years until 31 March 2018. The regulations also reduce the CO2 threshold for qualifying cars to 75 gms/km with effect from 1 April 2015.

Orchestra tax relief consultation

HM Treasury is consulting until 5 March 2015 on the detail of a new orchestra tax relief, as announced in the Autumn Statement. The relief is expected to take effect from April 2016 and will take the form of a corporation tax deduction, or payable tax credit, for expenditure on the creative and production costs in connection with live orchestral performances.

Remittance basis charge consultation

HM Treasury is consulting until 16 April 2015 on making the remittance basis election apply for a minimum of three years, as announced at the Autumn Statement. Individuals would continue to be able to withdraw their claim by amending their self-assessment return within 12 months of the filing date. Two main options are proposed for subsequent claim periods. The government is also interested in whether there is support for the minimum period to be extended beyond three years in certain circumstances. The consultation is Non-UK domiciled individuals: consultation on a minimum claim period for the remittance basis charge.

Fuel laundering: rebated fuels marker

The Hydrocarbon Oil (Marking and Designated Markers) (Amendment) Regulations, SI 2015/36, have been laid before Parliament.  These regulations specify the new product to be used as a fiscal marker for rebated fuels, including ‘red diesel’ for off-road use, with effect from 1 April 2015. The government announced in February 2014 its intention to introduce a new marker which is more resistant to fuel laundering.

Budget 2015 representations

HM Treasury invites public submissions for Budget 2015 (which will take place on 18 March 2015) by 13 February 2015. HM Treasury has, at the same time, published updated guidance on how to submit a representation, and what should be included in such representations. Representations received by HM Treasury will be considered as part of the policy-making process although it remains unclear how many submissions they will receive, or how influential they will be. Representations may be emailed as a file attachment, or submitted via a short survey.

NAO to publish tax collection report

The National Audit Office (NAO) is to prepare a new report into HMRC’s performance in respect of tax collection since 2010. The report is due to be published in ‘early 2015’. The report will consider to what extent HMRC has adhered to the key recommendations of previous NAO reports since the beginning of this parliament in 2010.

Indexation allowance

The retail price index figure for December 2014 is 257.5. The table shows the indexation factors to be used in calculating the indexation allowance for corporation tax purposes in respect of assets disposed of in December 2014.

Money laundering supervision fees

Following an informal consultation, HMRC is to keep the current per-premises annual registration fee at £110 for 2015 to 2016, rising to £115 for 2016 to 2017. From 1 April 2015, there will be a non-refundable processing fee of £100 for businesses applying to be registered for the first time. The fit and proper persons test fee will increase from £50 to £100.

HMRC guidance

HMRC has issued the following on its website:

  • updated VAT forms;
  • guidance on abolition of employer NICs for under 21s; and
  • amendments to the Trusts, Settlements and Estates Manual.
Issue: 1248
Categories: News