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.
The Finance Bill completed report stage and third reading in the House of Commons on 21 February. The House of Lords Bill was published on 22 February and will go through all stages on Thursday 8 March.
At report stage, amendments were agreed to the following:
HMRC has updated its manual on appeals reviews and tribunals guidance in relation to taxpayers asking for an extension of review acceptance or appeal period.
A draft Order has been published to amend the First-tier Tribunal and Upper Tribunal (Composition of Tribunal) Order SI 08/2835. The changes to the order include:
HMRC has published the following:
Invalid penalty notices
Validity of penalty notice