Government proposals to improve the operation of PAYE – particularly the ‘ultimate goal’ of centralised deductions – merit further exploration, the Chartered Institute of Taxation said.
HMRC has published draft secondary legislation making alterations to The Authorised Funds (Tax) Regulations 2006, SI 2006/964, to permit AIFs with holdings in non-reporting offshore funds to treat those holdings as if they were holdings in reporting funds in certain circumstances.
Craig Connal gives an update on judicial review for decisions of the Upper Tier Tribunal
Pete Miller examines the effect the Bamberg case will have on transactions in securities
Detailed proposals for a single credit to replace the current state benefits and tax credits will be set out in a white paper to be published later in the autumn.
Ed Miliband, the Labour leader, has announced that Alan Johnson is to be the Shadow Chancellor of the Exchequer. Angela Eagle becomes Shadow Chief Secretary to the Treasury.
‘We have to question what it is that the introduction of a GAAR would really achieve,’ the CIOT has told HMRC.
The ‘threat of recharacterisation’ of transactions where there are no direct comparables is ‘viewed as a significant blocker to corporate activity and growth’, AstraZeneca has claimed.
A senior European Commission official signalled that Ireland may have to increase its business and personal taxes and ‘become a normal tax country’ in order to restore its public finances following the banking crisis, the Financial Times reported on 1 October.
HMRC has updated its introduction to the scheme, to reflect the legislation and HMRC online guidance as at 20 September. See www.lexisurl.com/Z2IP0.