HMRC is consulting until 25 January 2019 on restricting companies’ carried-forward capital losses to 50% of the capital gains arising in an accounting period, with effect from 1 April 2020. An anti-forestalling measure will have effect on and after Budget day on 29 October 2018.
The government’s ‘Flag It Up’ campaign, which has been encouraging solicitors and accountants since 2014 to file suspicious activity reports where they suspect money laundering, is being extended to the property sector, with support from HMRC in its role as a supervisor of estate agency businesse
HMRC has appointed Alan Evans as its new general counsel and solicitor, who will formally take up the role on 1 January 2019.
HMRC has published the following:
Interest included in turnover and partial exemption
Non-compliance with follower notice
There were thankfully few measures extending HMRC’s powers, but plenty targeting avoidance and ‘unfair outcomes’ – and no shame about imposing new types of tax on non-UK companies such as the DST and income tax on offshore receipts from intangible assets. Jason Collins (Pinsent Masons) reports.
Make sure you have a plan.
Tax lawyer Jeremy Cape talks to former shadow chancellor Sir Oliver Letwin about the political challenges facing tax policy makers.