NEWS

HMRC has launched a consultation on draft legislation for the residential property developer tax (RPDT) published on 20 September, and expected to be included in Finance Bill 2022.The final design of the tax, including the rate of the tax, will be...

HMRC has updated its guidance Statutory sick pay: how different employment types affect what you pay to add details on ‘airmen’ and continental shelf workers, confirming that a person who is employed as an ‘airman’ will be treated as an employee for...

The CIOT has made a proactive submission on potential problems with the current legislation on employee ownership trusts (EOTs).The EOT legislation, enacted in FA 2014, introduced tax reliefs to remove a tax obstacle to the sale of a company to an...

Responding to the draft Finance Bill 2022 legislation on notification of uncertain tax treatment by large businesses (from 1 April 2022), the CIOT makes a number of observations, including: the legislation is not necessary – and compliance could be...

The Office of Tax Simplification (OTS) has published a report setting out its analysis of the benefits, costs, and wider implications of a change to the date of the end of the tax year for individuals.The OTS finds clear benefits in adopting a tax...

HMRC has published Agent Update issue 88 (September 2021) providing the usual round-up of recent developments including:MTD: covering additional functionality HMRC is introducing to enable agents view client payment due dates and payment history...

The Labour party has pledged to close a tax "loophole" which allows private equity fund managers to pay a reduced rate of tax on their earnings. Shadow chancellor, Rachel Reeves MP, described the carried interest rules as a ‘loophole’ which gives an...

The Financial Times reports (20 September) that John Glen MP, City minister, has said Britain’s financial services sector competitive will benefit from ‘competitive tax rates’, potentially paving the way for a Budget cut to rate of the corporation...

This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.Direct taxesManual Page Comments Capital Allowances Manual Updated: CA11520 and...

The UK government published the Health and Social Care Levy Bill on 8 September 2021. The Bill introduces the new UK-wide 1.25% health and social care levy from 6 April 2023, and the transitional increase in NICs for the tax year 2022–23.The...