Helen Lethaby provides this month's update on tax issues affecting the City, including consultation resulting from Basel III, recent accounting changes, the overlooked decision in Audley and an update on the GAAR study
Responses to the consultation on measures to rebalance the Northern Ireland economy will be accepted until 1 July. The consultation paper published in March invited comments by 24 June.
Tax professionals have welcomed two government consultations on reforms designed to support innovation and productivity in the UK.
Chris Davidson is the new Head of Anti-Avoidance Group in HMRC. He replaces Sue Walton, who has been appointed Director of Central Policy.
The Taxation Disciplinary Board received 33 complaints in 2010. The 52 separate grounds for complaint were categorised as follows:
Web robot software will help HMRC to pinpoint tax evaders in a series of new campaigns targeting VAT defaulters, private tutors and e-marketplaces, HMRC have announced. The Connect computer system alerts the department to evasion by matching ‘a vast amount of HMRC and third-party data’.
The Report Stage Bill, tracking the changes made in Committee of the Whole House and in Public Bill Committee, has been published on the Parliament website.
HMRC have announced updates to the following guidance manuals (see Tax Journal issue 1074 for the last update):