HMRC is consulting until 18 September 2015 on the implementation of the new personal savings allowance (PSA) from 6 April 2016, as well as six main options for changes that may be required in relation to deduction of tax from certain types of savings and investment income, such as ‘yearly interest’, not covered by the tax deduction scheme for interest operated by banks and building societies. The current tax deduction scheme will end following introduction of the PSA. See www.bit.ly/1I2At26.
Peer to peer lending consultation
HMRC is consulting until 18 September 2015 on proposed changes to the obligations of peer to peer platforms and borrowers to deduct income tax at source from interest paid. The government is consulting separately on the need for changes affecting savings income more generally following the introduction of the new personal savings allowance from 6 April 2016, when the current system for banks and building societies to deduct tax will cease. The need for specific rules for the peer-to-peer sector may depend on the outcome of that consultation. See www.bit.ly/1e0Jfj3.
Draft amending DOTAS regulations
HMRC is consulting until 10 September 2015 on draft amending regulations (The Tax Avoidance Schemes (Prescribed Descriptions of Arrangements) (Amendment) Regulations, SI 2015/Draft, and The Inheritance Tax Avoidance Schemes (Prescribed Descriptions of Arrangements) Regulations, SI 2015/Draft) on draft regulations to bring IHT more fully within the scope of the disclosure of tax avoidance schemes rules; to extend the scope of the confidentiality and premium fee hallmarks to include IHT; make changes to aspects of the standardised tax products and losses hallmarks; and introduce a new hallmark relating to financial products. See www.bit.ly/1RM0ZkF.
Simplifying gift aid donor benefit rules
The government is calling for evidence until 9 October 2015 on how the current gift aid donor benefit rules are understood and what problems they present for charities. The current rules set strict limits on the value of benefits that charities may give to donors, with certain disregards, while still claiming gift aid on their donation. This call for evidence will be followed by a formal consultation later this year setting out proposals for reform. See www.bit.ly/1M7IvGD.
Replacing wear and tear allowance consultation
HMRC is consulting until 9 September 2015 on replacing the 10% wear & tear allowance for residential furnished lettings with relief for the actual costs of like-for-like renewals and replacements with effect from April 2016. The relief will not apply to furnished holiday letting businesses or commercial properties, for which capital allowances are available. See www.bit.ly/1Hz2ydO.
Contracted-out pension schemes
The Pensions Act 2014 (Savings) Order, SI 2015/1502, which was made on 14 July 2015, saves parts of the repealed Pensions Act 1993 for three years from the ‘second abolition date’ of 6 April 2016, to enable trustees of salary-related contracted-out schemes and HMRC to carry out necessary activities relating to certification, cancellation of certificates and the NICs rebate, for periods of contracted-out employment which occurred before 6 April 2016.
HMRC is consulting until 18 September 2015 on the implementation of the new personal savings allowance (PSA) from 6 April 2016, as well as six main options for changes that may be required in relation to deduction of tax from certain types of savings and investment income, such as ‘yearly interest’, not covered by the tax deduction scheme for interest operated by banks and building societies. The current tax deduction scheme will end following introduction of the PSA. See www.bit.ly/1I2At26.
Peer to peer lending consultation
HMRC is consulting until 18 September 2015 on proposed changes to the obligations of peer to peer platforms and borrowers to deduct income tax at source from interest paid. The government is consulting separately on the need for changes affecting savings income more generally following the introduction of the new personal savings allowance from 6 April 2016, when the current system for banks and building societies to deduct tax will cease. The need for specific rules for the peer-to-peer sector may depend on the outcome of that consultation. See www.bit.ly/1e0Jfj3.
Draft amending DOTAS regulations
HMRC is consulting until 10 September 2015 on draft amending regulations (The Tax Avoidance Schemes (Prescribed Descriptions of Arrangements) (Amendment) Regulations, SI 2015/Draft, and The Inheritance Tax Avoidance Schemes (Prescribed Descriptions of Arrangements) Regulations, SI 2015/Draft) on draft regulations to bring IHT more fully within the scope of the disclosure of tax avoidance schemes rules; to extend the scope of the confidentiality and premium fee hallmarks to include IHT; make changes to aspects of the standardised tax products and losses hallmarks; and introduce a new hallmark relating to financial products. See www.bit.ly/1RM0ZkF.
Simplifying gift aid donor benefit rules
The government is calling for evidence until 9 October 2015 on how the current gift aid donor benefit rules are understood and what problems they present for charities. The current rules set strict limits on the value of benefits that charities may give to donors, with certain disregards, while still claiming gift aid on their donation. This call for evidence will be followed by a formal consultation later this year setting out proposals for reform. See www.bit.ly/1M7IvGD.
Replacing wear and tear allowance consultation
HMRC is consulting until 9 September 2015 on replacing the 10% wear & tear allowance for residential furnished lettings with relief for the actual costs of like-for-like renewals and replacements with effect from April 2016. The relief will not apply to furnished holiday letting businesses or commercial properties, for which capital allowances are available. See www.bit.ly/1Hz2ydO.
Contracted-out pension schemes
The Pensions Act 2014 (Savings) Order, SI 2015/1502, which was made on 14 July 2015, saves parts of the repealed Pensions Act 1993 for three years from the ‘second abolition date’ of 6 April 2016, to enable trustees of salary-related contracted-out schemes and HMRC to carry out necessary activities relating to certification, cancellation of certificates and the NICs rebate, for periods of contracted-out employment which occurred before 6 April 2016.
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