NEWS

HMRC has given its view on an avoidance scheme which seeks to reduce or avoid tax on income used to pay (sometimes very significant) private school fees: the scheme does not work.Spotlight 62 Dividend diversion scheme used to fund education fees...

As announced at Spring Budget 2023, the Treasury is consulting on the effectiveness of the save as you earn scheme and the share incentive plan, particularly in terms of how widely the schemes are being used and the extent to which both are...

HMRC’s Pension Schemes Newsletter 150 (May 2023) provides the following reminder and a notification of a new service from 2024:Relief at source annual information returns: reminder for scheme administrators to submit the 2022/23 annual return of...

HMRC has published the inaugural edition of its new charities newsletter, which it will use to highlight tax developments likely to be of interest to charities. The first edition leads on the Spring Budget 2023 announcement that access to various tax...

Responding to HMRC’s consultation on VAT energy saving materials relief – improving energy efficiency and reducing carbon emissions, the CIOT suggests that reform of the VAT rules could incentivise the installation of energy-saving materials (ESMs)....

The Council of the EU has agreed on an approach to amendments to the Directive on Administrative Co-operation (DAC – Council Directive 2011/16/EU) to bring transactions in cryptoassets within the scope of its reporting and automatic exchange of...

Tax Journal thanks its authors for May (click on links below to view author profiles and for links to articles).

This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.  

In his inaugural speech, new CIOT president, Gary Ashford, has urged ministers to provide HMRC with the resources needed to improve service levels to taxpayers and advisers.Poor service levels at HMRC are not just a pain for taxpayers...

Recent figures released by HMRC show a record level of funds raised via the enterprise investment scheme (EIS). In 2021/22, 4,480 companies raised some £2.3bn though the EIS, the highest total since the scheme was introduced in 1994 and surpassing...