HMRC has published draft regulations which expand the definition of ‘relevant income’ eligible for the corporation tax supplementary charge investment and cluster area allowances to include tariff receipts, in addition to production income earned directly from oil extraction activities.
The government has published in draft the Registration of Overseas Entities Bill, setting out provisions to establish a new beneficial ownership register of overseas entities that own UK property. The draft Bill is open for consultation until 17 September 2018.
The CIOT, STEP, ICAEW and the Law Society have added a further set of draft questions and answers to their package highlighting areas of uncertainty in the new deemed domicile legislation introduced from 6 April 2017.
The GAAR advisory panel has published a third opinion concerning an employer-financed retirement benefit scheme (EFRBS).
HMRC has announced it will allow users of disguised remuneration schemes wishing to settle before the new loan charge takes effect in April 2019 to spread their payments over five years, if their taxable income in 2018/19 is estimated to be less than £50,000 and they are no longer participating i
The government has published further draft legislation for Finance Bill 2019 to correct, with retrospective effect, omissions from existing legislation on late payment interest and repayment interest.
HMRC’s ‘publishing details of deliberate defaulters’ programme, under which taxpayers are named and shamed, does not act as an effective deterrent, according to research commissioned by HMRC.
Operating corresponding deficiency relief
Tax-related penalty
Effect of favourable judgment for test claimant under GLO