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In brief: peer-to-peer loans; Pensions Bill; childcare; place of supply; OECD; Netherlands; Scotland; guidance

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SA peer-to-peer loans consultation

The government is consulting until 12 December 2014 on options for implementing its decision to include peer-to-peer loans within ISAs, announced at Budget 2014. Questions for consultation include: the definition of qualifying peer-to-peer loans; whether they should be permitted in existing stocks and shares ISAs; rules on withdrawals and transfers; and whether they are suitable for child trust funds and junior ISAs. The document is entitled ISA-qualifying investments: consultation on including peer-to-peer loans.

Updated guidance on Pensions Bill

HMRC has published updated guidance on the changes to pension tax rules that will give individuals greater flexibility to access their pension savings. For the most recent draft legislation and other documents on the Taxation of Pensions Bill.

Tax-free childcare consultation

HMRC is consulting until 15 December 2014 on a first draft of guidance on the new tax-free childcare scheme, which is expected to be introduced in autumn 2015. The Childcare Payments Bill is currently under Parliamentary scrutiny, and consultation on two sets of draft regulations containing the detail of the scheme ended on 3 October.

VAT place of supply regulations

The Value Added Tax (Place of Supply of Services) (Exceptions Relating to Supplies Not Made to Relevant Business Person) Order, SI 2014/2726, has been laid before the House of Commons. This order implements in UK legislation the changes to the VAT place of supply rules for supplies of broadcasting, telecommunication and electronic services to non-business persons with effect from 1 January 2015. From that date, such supplies will be taxed in the country where the customer belongs. Suppliers will be able to register in just one member state, accounting for VAT due in the other member states through a single ‘mini one-stop-shop’ VAT return. A draft of this order was published at Autumn Statement in December 2013.

OECD’s ninth forum on tax administration

The topic of ‘improving transparency and combating tax avoidance’ is top of the agenda for the OECD’s ninth forum on tax administration (FTA), which is being held on 23–24 October 2014 in Dublin, Ireland, and will be attended by the heads of tax administrations from 46 countries globally. Participants will discuss how tax administrations can best improve taxpayer services and tax compliance, while boosting efficiency, effectiveness and the fairness of tax systems. A press conference is being held at 12:15pm on Friday 24 October at George’s Hall, Upper Castle Yard, Dublin Castle, and will be attended by: Irish Revenue chairman and FTA chair Josephine Feehily; Pascal Saint-Amans, director of the OECD centre for tax policy and administration; and HMRC tax assurance commissioner (and incoming FTA chair) Edward Troup.

UK/Netherlands double taxation convention

HMRC has announced that an agreement between the competent authorities of the UK and Netherlands has been signed, setting out how the provisions of the UK/Netherlands double taxation convention will apply to pension scheme and charity investors in UK common investment funds (CIFs), which are arrangements whereby a number of registered pension schemes have pooled some or all of their investments into a common fund for investment purposes. The CIF must be no more than an investment agency for the assets of participating schemes, and a CIF cannot be a registered pension scheme in its own right.

Revenue Scotland draft legislation

The Revenue Scotland and Tax Powers Act 2014 (Consequential Provisions and Modifications) Order, SI 2014/Draft, has been published. This draft order establishes Revenue Scotland as a non-ministerial department in the Scottish administration. It ensures protection for whistleblowers who assist Revenue Scotland and certain other bodies in relation to the devolved taxes and allows for information sharing between HMRC and Revenue Scotland. It also adds Revenue Scotland to the list of bodies from which MPs are disqualified as members.

HMRC guidance

HMRC has issued the following on its website:

  • Revenue & Customs Brief 38/2014 – VAT: compulsory charge on single-use carrier bags in Scotland (introduction of the compulsory 5p charge on single-use carrier bags in Scotland from 20 October 2014 and details of the VAT charge at the standard rate);
  • a consultation on the control of raw tobacco, which closes 30 January 2015; and
  • gambling tax notices: Notice 451A on general betting duty, Notice 455A on remote gaming duty, and Notice 147A on pool betting duty.
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