Radical reforms to the PAYE system, saving employers an estimated £500 million, are among proposals set out in nine tax policy documents released ‘for discussion and consultation’ as Parliament rose for the summer recess.
The Taxes (Definition of Charity) (Relevant Territories) Regulations SI 2010/1904 extend to eligible organisations in Iceland and Norway the UK tax reliefs and exemptions for charities, which are available to organisations in EU Member States meeting certain conditions.
The Taxes and Duties (Interest Rate) Regulations, SI 2010/1879, set out the interest rate setting formulae for late payment interest and for repayment interest. The regulations will apply whenever the new harmonised interest regime is applied to any tax or duty administered by HMRC.
Tax advisers expressed surprise that only 1,500 medical professionals made disclosures under HMRC’s Tax Health Plan (THP) by the 30 June deadline. HMRC told Tax Journal that there were over 2,000 ‘notifiers’ and the THP had yielded around £9 million.
The Qualifying Oil Fields Order, SI 2010/1899, extends the definition of an ultra high pressure/high temperature oil field and sets the amount of the total field allowance available for such fields.
Finance (No 2) Act 2010 was given Royal Assent on 27 July and is available via www.lexisurl.com/6vrh0. It sets out measures on:
What principles have emerged from recent case law? This question and many others are debated by leading VAT experts including senior members of the Institute of Indirect Taxation
HMRC’s performance in collecting debt has improved, with amounts due from taxpayers but not yet paid decreasing by £1.6 billion to £26.1 billion, the National Audit Office (NAO) said.
The combined effects of the measures in the March and June Budgets ensure that the least well off are less affected than the richest, according to the Commons Treasury Committee’s report on the June 2010 Budget.
‘It is not appropriate for the Government to comment on the confidential tax affairs of individual businesses’, David Gauke said in a response to a request for an estimate of ‘the effects on tax revenues to the exchequer of liabilities of companies involved in the oil spill in the Gulf of Mexico’