Trade carried on a commercial basis
Sources of income and assessment
The Financial Secretary to the Treasury has indicated that the government is preparing to go ahead with a tax on the revenues of large digital businesses, which was the government’s preferred ‘interim’ option in its recent consultation on corporate tax and the digital economy.
HMRC has published revised advisory fuel rates for company cars, applying from 1 March 2018. The rates are to be used only where employers either reimburse employees for business travel in their company cars, or require employees to repay the cost of fuel used for private travel.
The Research and Development (Qualifying Bodies) (Tax) Order, SI 2018/217, lists overseas bodies which are designated as ‘qualifying bodies’ for the purposes of the research and development expenditure credit (RDEC) scheme (and large company scheme).
The Finance Act 2004 (Standard Lifetime Allowance) Regulations, SI 2018/206, increase the pensions lifetime allowance to £1,030,000 for the tax year 2018/19. This increase is in line with the consumer prices index for the 12 months to September 2017, as announced at Autumn Budget 2017.
The Capital Gains Tax (Annual Exempt Amount) Order, SI 2018/244, sets the CGT annual exempt amount for the tax year 2018/19 at £11,700.
The GAAR advisory panel has published a new opinion concerning ‘abnormal and contrived’ arrangements involving an employer-financed retirement benefit scheme (EFRBS) funded through multiple tripartite deeds.