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In brief: oil fields; entertainers; SEIS; remittance basis; climate change; people & firms

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Additionally-developed oil fields: draft regulations

HMRC has prepared The Additionally-Developed Oil Fields Order, SI 2013/Draft, to be laid before Parliament for approval. Additionally-developed oil fields (ADOF) are eligible for a tax relief, referred to as a field allowance. This order specifies the conditions which a project must satisfy in order for that oil field to be an ADOF, and how the amount of field allowance for an ADOF is to be calculated, as well as certain minor and consequential amendments to CTA 2010.

NIC: self-employed entertainers

Following consultation, the government has decided to repeal the current NICs regulations in respect of entertainers. From 6 April 2014, actors, singers, musicians and similar performers will pay class 2 and class 4 NICs as self-employed earners. Draft legislation has been published for comment by 20 November 2013.

SEIS guidance update

The SEIS guidance has been updated to include details of the extension to 2013/14 for CGT reinvestment relief at half the rate. The guidance has also been revised to include details of the amendment to the independence condition for companies in respect of any on-the-shelf-period. These changes can be viewed from HMRC’s website.

New guide on residence, domicile and the remittance basis

HMRC has published RDR1: Residence, domicile and the remittance basis, a guide for residents and non-residents on the residence, domicile and remittance basis rules from 6 April 2013. The RDR1 guidance reflects the introduction of the legislative changes to the remittance basis that came into effect for tax year 2012/13 and the introduction of the statutory residence test for tax years 2013/14 onwards. RDR1 replaces booklet HMRC6.

Climate change levy notice

Revised Notice CCL1/2, Combined heat and power schemes, is now available on HMRC’s website.

People & firms

SJ Berwin joins the King & Wood Mallesons network on 1 November. From this date, SJ Berwin will change its name to King & Wood Mallesons, but will trade for a transitional period under the brand King & Wood Mallesons SJ Berwin in the UK, continental Europe and the Middle East. The change is said to create ‘the first global law firm headquartered in Asia’.
The British Retail Consortium (BRC) has appointed EY to help it suggest options for reform of the business rates system. Chris Sanger, global head of tax policy at EY, said: ‘We will be advising the BRC on possible solutions that could bring huge benefits to the UK economy as a whole, as well as for retailers.’
The EC is calling for applications with a view to selecting six of the seven individuals to become members of its new expert group advising on the taxation of the digital economy. Applications must be submitted by Friday 8 November 2013.

Issue: 1191
Categories: News