The Chartered Institute of Taxation has raised with HMRC several concerns regarding draft legislation designed to counter a tax avoidance scheme, disclosed by Barclays, which sought to avoid the charge on ‘deemed releases’ of loan relationships.
HMRC has announced the following publications and updates:
Child Trust Fund
CTF LA Bulletin 18
Customs and excise
‘Nick Clegg has been forced to soften proposals for a “tycoon tax” less than 48 hours after announcing it as a flagship policy at his Liberal Democrat party’s spring conference.
‘Much evidence’ suggests that HMRC's approach to large business is working well, according to today’s report by the House of Commons Treasury Committee. But ‘close board-to-board working’ might give the impression that ‘preferential treatment’ is given to large taxpayers.
MPs on the Treasury Committee have challenged the logic behind the decision to withhold tax from anonymous Swiss bank accounts at a rate lower than the highest rate of UK income tax.
The Treasury Committee has questioned whether estimating the ‘tax gap’ serves any useful purpose in HMRC’s work and pointed out that encouraging taxpayers to pay the right tax voluntarily is ‘by far the most efficient way’ to close the gap.
The Taxes, etc. (Fees for Payment by Telephone) Regulations, SI 2012/689, increase to 1.5% the fee payable to HMRC in respect of credit card payments authorised by telephone.
The London Legacy Development Corporation (Tax Consequences) Regulations, SI 2012/701, deal with the tax consequences of the transfer under London Legacy Development Corporation and the Olympic Park Legacy Company Tran
It is ‘not possible’, because of taxpayer confidentiality, to estimate the collective losses that banks in which the state has an interest may set against future tax liabilities, Mark Hoban, Financial Secretary to the Treasury, said in a
Age-related tax allowances, the taxation of savings and ‘convoluted’ PAYE forms have been identified by the Office of Tax Simplification as the areas of the tax system that cause the most problems for pensioners.