Icebreaker partnerships and sideways loss relief
Tribunal’s power to deduce assessments
On 20 March, the government published Finance Bill 2017, properly known as Finance (No 2) Bill of the current parliamentary session.
Alongside the Finance Bill, HMRC has published an update on changes made to the proposed disguised remuneration legislation since the draft Bill was published in December.
HMRC is consulting until 12 June 2017 on introducing an exemption from withholding tax for payments of interest on debt traded on multilateral trading facilities, aimed at making UK wholesale debt markets more competitive.
The government is consulting until 30 June 2017 on the various ways that late-life assets can be bought and sold on the UK Continental Shelf and the corresponding tax treatment. This paper aims to identify areas where a change to tax legislation or guidance could help promote investment.
The government is calling for evidence until 12 June 2017 on the use of the income tax relief for employees’ business expenses, including those that are not reimbursed by their employer, which are then claimed from HMRC.
HMRC consulted between August and November 2016 on a number of proposed changes to provide clarity on areas where it considers the current tax rules on partnerships are unclear. Based on the responses received HMRC will: