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News in brief: 7-13 June

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Business taxes

Banks: HMRC published further guidance to ‘help banks understand the boundary between transactions which fall within the ambit of the Code of Practice [on Taxation for Banks] and those which don't’. There is updated guidance on the terms 'promote' and 'facilitate'.

Pension schemes: HMRC published the second issue of the Pensions Industry Business Update (formerly the National Insurance Services to Pensions Industry Newsletter) and issue 54 of the Newsletter for pension scheme administrators.

Online traders: HMRC reminded people trading on the internet who have unpaid tax liabilities that they have until 14 June to register for the e-markets disclosure facility. After the deadline HMRC will begin contacting traders who have not come forward. ‘Penalties of up to 100 of the tax owed, or even a criminal investigation, could follow,’ it said.

PAYE: HMRC has revised CWG2(2012) Employer further guide to PAYE and NICs in relation to payment made after an employee has left and has already been given a P45.

Personal taxes

Student loans: A factsheet CSLA1: Student Loans – Information for agents offers guidance for agents whose clients need to repay their loans through self assessment.

Olympic torchbearers: HMRC published guidance for torchbearers after it emerged that many of the torches were offered for sale online. Eight thousand torchbearers were chosen to carry the Olympic flame through more than 1,000 UK cities, towns and villages. ‘Consider your income tax or capital gains tax liability if you sell your Olympic torch or donate the sale proceeds to charity,’ HMRC said. The guidance states that ‘people who occasionally sell a few personal possessions to raise some cash are not trading’.

Indirect taxes

Landfill tax hotline: HMRC invited people with questions regarding the recent guidance on landfill tax to call 0161 827 0233 during normal office hours, and said it was ‘committed to resolving any misunderstandings’.

VAT notices: HMRC has updated Notice 700/34: Staff and Notice 700/56: Insolvency.

International

UK and Switzerland: A recent exchange of letters between the UK and Swiss governments will relax an exchange of information provision in the double taxation convention between the two countries. HMRC said: ‘To incorporate the exchange of letters into UK law the letters will need to go to Parliament as a draft statutory instrument and be approved by the Queen in Council. The provisions in the letters will enter into force once both countries have completed their legislative procedures.’


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