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In brief: R&D credit; decommissioning relief deeds; DOTAS & ATED; pension liberation; HMRC accounts...

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R&D credit: draft guidance

HMRC has published for comment until 31 January 2014 draft guidance on the new ‘above the line’ research and development expenditure credit, available to companies within the charge to corporation tax for expenditure incurred on or after 1 April 2013 (by virtue of FA 2013 Sch 15).

Decommissioning relief deeds

The government has presented the first decommissioning relief deeds to senior representatives from the oil and gas industry. FA 2013 Part 2 introduced legislation for a contractual approach to guaranteeing the basis on which tax relief will be available for decommissioning oil and gas fields.

DOTAS: draft guidance on ATED

HMRC has published draft guidance on the disclosure of tax avoidance schemes (DOTAS) as it concerns the annual tax on enveloped dwellings (ATED). Comments should be sent to Lesley Hamilton at HMRC by 30 October 2013.

Pension liberation

HMRC has changed its pension scheme registration and transfer processes with effect from 21 October 2013 to help prevent pension liberation schemes. Automatic confirmations will be stopped, allowing HMRC to place more emphasis on detailed risk assessment activity.

PAC hearing into HMRC accounts

The Public Accounts Committee (PAC) is conducting a hearing into HMRC’s annual report and accounts for 2012/13. Christopher North, managing director of Amazon UK, Edward Troup, HMRC tax assurance commissioner, and Jim Harra, HMRC director general of business tax, will all be standing as witnesses.

Draft amended class 2 NIC regs

The Department for Work & Pensions has published draft regulations about the treatment of class 2 NIC recovered by HMRC through the PAYE tax code for the purposes of social security benefits.

VAT notices revised

The latest version of VAT Notice 701/05, Clubs and associations, has now been published. This revised notice cancels and replaces the previous version in June 2013. HMRC has also published the latest versions of VAT Notice 702, Imports; and VAT Notice 708, Buildings and construction.  Both of these notices can also be viewed on HMRC’s website.

Climate change levy notices

The latest version of Notice CCL1, A general guide to the main rates of Climate Change Levy, is now available.In addition, Notice CCL1/3, CCL – reliefs and special treatments for taxable commodities, has also been updated. Both notices are available on HMRC’s website.

Views invited on artificial PE strategies

The OECD has invited interested parties to identify, by 15 November 2013, strategies that allegedly result in the artificial avoidance of permanent establishment (PE) status. The move follows action point 7 of the OECD’s action plan on BEPS.

Review of EU competencies: financial services 

The government is calling for evidence until 17 January 2014 on EU competences in the field of financial services and the free movement of capital, one key aspect of which involves restrictions placed on Member States’ discretion over elements of tax policy.

OECD transfer pricing agenda

The OECD has released its draft agenda for the public consultation on transfer pricing to be held in Paris on 12/13 November.

UK signs information agreements with Jersey and Guernsey

The UK has signed automatic tax information sharing agreements with both Jersey and Guernsey as it continues to close in on those attempting to hide their money offshore. The move follows a similar agreement signed earlier this month between the UK and Isle of Man.

Issue: 1190
Categories: News