HMRC publishes extra guidance on lifetime allowance abolition
[ad_1] HMRC has published additional guidance for pension scheme administrators on a range of issues, including the abolition of the lifetime allowance. HMRC provides further guidance on the abolition of the lifetime allowance (LTA) in the latest issues of the pension schemes newsletter. This includes answers to more frequently asked questions (FAQs). HMRC has circulated […]
HMRC publishes more guidance on pensions lifetime allowance
[ad_1] HMRC’s latest lifetime allowance guidance newsletter includes FAQs and more information on transitional tax-free amount certificates. If this article is supporting your professional development, it can count towards your verifiable CPD hours. Use the pop up at the bottom right corner of your screen to add reading this article as an activity to your […]
HMRC publishes pension schemes newsletter
[ad_1] HMRC has provided an update on the abolition of the lifetime allowance, as well as information on relief at source and pensions for retained firefighters. HMRC has published the Pension schemes newsletter 155. It provides an update on a range of issues, including the abolition of the lifetime allowance (LTA) and how the pension […]
HMRC publishes revised Code of Practice 9
[ad_1] HMRC has updated its code of practice that provides taxpayers with an opportunity to bring their UK tax affairs up to date on a civil basis, as opposed to criminal basis. Code of Practice 9 (COP9) gives taxpayers the opportunity to admit tax fraud and pay tax they owe, plus any related penalties. In […]
HMRC publishes new Charities newsletter
[ad_1] HMRC’s Charities newsletter will be published periodically to update charities and their advisers on upcoming changes relating to tax that may affect them. The June 2023 edition includes guidance on various points, including the following. Restriction of tax reliefs The newsletter reminds readers that, with effect from 15 March 2023, tax reliefs and exemptions […]
Commission publishes responses to BEFIT consultation
[ad_1] The European Commission has published responses to the consultation on its proposals for a common set of corporate tax rules across member states, known as Business in Europe: Framework for Income Taxation (BEFIT). Responses to the BEFIT consultation will feed into the European Commission’s thinking around any proposals for common corporate tax rules. Adoption […]
UK government publishes draft border target operating model
[ad_1] The model is intended to strengthen the UK’s borders against biosecurity threats and illegal imports. On 5 April 2023, the UK government published its draft border target operating model (TOM). The TOM sets out a plan to realise the government’s 2025 border strategy. This is intended to strengthen the UK’s borders against biosecurity threats […]
Government publishes consultation on addressing carbon leakage
[ad_1] The consultation by HM Treasury and the Department for Energy Security and Net Zero includes proposals for a UK carbon border adjustment mechanism. On 30 March 2023, the UK government launched a consultation on addressing carbon leakage risk to support decarbonisation. Carbon leakage refers to businesses moving their operations overseas to countries with less […]
VAT and value shifting: HMRC publishes compliance guidelines
[ad_1] HMRC’s guidelines on apportionment of consideration are relevant for businesses that sell any goods or services with different VAT liabilities for a single price as part of a bundle. The government ran a consultation on VAT and value shifting between January and March 2021. The consultation reviewed how businesses should assign value to items […]