The prime minister announced to the House of Commons during oral questions that the government ‘will not bring forward increases to NICs later in this Parliament’, although the government will bring forward further proposals once Matthew Taylor has reported on his review of self-employment.
The government has laid two sets of regulations, specifying the ‘additional information’ which individuals will have to disclose to HMRC in order to secure reductions in penalties for inaccuracies involving offshore matters, and setting out the maximum reduction available in relation to the new a
The Corporation Tax Act 2010 (Part 8C) (Amendment) Regulations, SI 2017/364, make amendments to the special 45% rate of corporation tax charged on restitution interest paid by HMRC arising from a mistake of law.
The Income Tax (Relevant Maximum for Calculating Trade Profits on the Cash Basis) Order, SI 2017/293, increases the entry threshold for the cash basis to £150,000 (£300,000 for universal credit claimants) with effect from 6 April 2017.
The Investment Allowance and Cluster Area Allowance (Investment Expenditure) Regulations, SI 2017/292, extend the scope of the investment and cluster area allowances available to North Sea oil and gas companies to include within the definition of ‘investment expenditure’ certain types of operatin
The Taxes (Interest Rate) (Amendment) Regulations, SI 2017/305, reduce the official rate of interest applicable to employment-related ‘beneficial’ loans from 3% to 2.5% per annum with effect from 6 April 2017. The rate has stood at 3% since April 2015.
The Finance Act 2016, Section 113(1) to (4) (Commencement) Regulations, SI 2017/355, bring into force tax penalties for errors in returns or other information provided to HMRC in relation to the apprenticeship levy, with effect from 6 April 2017.
The Capital Gains Tax (Annual Exempt Amount) Order, SI 2017/377, sets the annual exempt amount for the tax year 2017/18 at £11,300 (subject to Parliamentary approval).
The Taxation of Northern Ireland Welfare Supplementary Payments Regulations, SI 2017/338, ensure that welfare supplementary payments, made to top-up existing tax-exempt social security benefits in Northern Ireland as part of transitional support following welfare reform, remain exempt from income