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News in brief: 1-6 June

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► Business taxes

► Personal taxes

► Indirect taxes

► Administration & appeals

Business taxes

PAYE: Employers will now be able to use Electronic Data Interchange to send Real Time Information until at least 2016/17, HMRC announced.

Pension schemes online: A revised guide to using the online service includes amended guidance on how to register as a scheme administrator or practitioner. 

Employers’ annual returns: HMRC announced on 29 May that it would be writing to tell employers that penalties for missing the 19 May deadline for 2011/12 annual returns ‘will increase if a late return is received after 19 June’.

Company car tax and security enhanced cars: HMRC published interim guidance on completion of forms P11D where cars are provided to employees who can demonstrate that the nature of their employment creates a threat to their personal security.

Class 1A NICs on benefits in kind: HMRC has made several amendments to the employer helpbook CWG5 (2012).

Company tax returns: From April 2013 there will be no major extension to the 'minimum tagging list' (specifying information that must have an XBRL tag), HMRC said as it published a new guidance note.

Student loans: The Education (Student Loans) (Repayment) (Amendment) (No. 2) Regulations, SI 2012/1309, bring into force reforms affecting repayment of income contingent student loans issued to new students in September 2012 or later, and make changes to the existing income contingent repayment system.

Pension schemes and short service refunds: HMRC invited comments by 27 June on draft regulations introducing new rules for certain short service refunds ‘to ensure that [recent changes to the contracting out rules] do not adversely affect pension schemes which contain rules reflecting the effect of the contracting out rules (rather than cross referring directly to those rules) and which have not yet amended their rules’.

National Employment Savings Trust: A Tax Information and Impact Note is available for the Finance Act 2004, Section 180(5) (Modification) Regulations, SI 2012/1258.

Football creditor rule: HMRC expressed disappointment with the High Court’s rejection in HMRC v The Football League Ltd of HMRC’s contention that by giving priority to ‘football creditors’ over other creditors, the League’s rules contravened the principles of insolvency law. ‘Our view remains that the football creditor rule is unfair to all other unsecured creditors who are forced to make do with much smaller returns – if anything – on monies owed to them by football clubs which enter administration,’ HMRC said. ‘We will carefully consider the detail of the judgment before deciding whether an appeal is in the public interest.’

Personal taxes

Gift Aid repayment claims: HMRC will stop accepting claims on the old form R68(i) ‘over the course of the next few months’, and has set out how it will respond to such claims from 6 June.

Non-domiciled individuals: HMRC published Information note: Changes to the remittance basis. This is ‘interim guidance’ on the changes in schedule 12 to the current Finance Bill, including a higher remittance basis charge. Subject to Parliamentary approval, the changes will have effect for 2012/13.

Penalties and ‘offshore matters’: HMRC updated factsheet CC/FS17: Compliance checks – Higher penalties for income tax and capital gains tax involving offshore matters.

Tax credits: HMRC warned tax credit claimants to beware of ‘phishing’ emails in the run up to the 31 July renewals deadline.

Indirect taxes

VAT Notices: HMRC has updated –

Notice 742: Land and property

Notice 700: The VAT Guide (replacing the April 2012 version)

Notice 700/7: Business Promotions (replacing the March 2012 version)

VAT and freight transport services: HMRC invited comments by 31 August on draft legislation to formalise VAT relief on freight transport services performed wholly outside the EU.

Landfill tax: HMRC announced the removal of Notice LFT2 and form LT1C from its website following the withdrawal in March 2012 of an exemption for waste arising from the reclamation of contaminated land.

Climate change levy: Notice CCL1/3 CCL - reliefs and special treatments for taxable commodities has been updated.

Administration & appeals

Scotland Act: HMRC’s technical note, Clarifying the scope of the Scottish rate of income tax, sets out ‘setting out how consequential issues relating to the Scottish rate of income tax [expected to be implemented in 2016] will be addressed’. HMRC invited comments by 31 August.

CTA brand: The CIOT has licensed The Tax Institute of Australia to grant the designations ‘Chartered Tax Adviser’ and ‘CTA’ to its members. The CIOT granted the same right to the Irish Tax Institute earlier this year.

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Issue: 1126
Categories: News