HMRC has published guidance on the rules in Finance Bill 2016 (cl 32) allowing individuals and unincorporated businesses to claim tax relief for bad debts incurred on peer-to-peer loans against other peer-to-peer income.
Revenue Scotland has added new guidance on making land and buildings transaction tax (LBTT) returns for the additional dwelling supplement to its website. The guidance has been updated to include material on how to make returns for LBTT transactions that include payment of the supplement.
From 31 March 2016, employers must use new form AAG8 to provide information to HMRC about employees where a tax advantage is expected to arise in connection with their employment as a result of notified arrangements.
In the year to March 2015, HMRC collected an additional £154m from investigations into unpaid CGT, according to London-based law firm Collyer Bristow.
IHT receipts taken by HMRC have jumped to a record-high of £4.6bn in 2015/16, up 21% from £3.8bn a year earlier, says Wilsons, a private client law firm. The £4.6bn collected by HMRC in the last year is an increase of 70% from 2010/11, when the total amount raised was just £2.7bn.
New HMRC guidance includes:
The Scotland Act received royal assent on 23 March 2016. The Scottish rate of income tax starts in April 2016 and full devolution of income tax rates and thresholds for non-savings and non-dividend income will commence in April 2017. Air passenger duty will be devolved in April 2018.
New HMRC guidance includes Pension schemes newsletter 77.
Claim for judicial review of an advance payment notice rejected