Tax Faculty responds to LTT freeports consultation

[ad_1] The draft legislation may not give the Welsh government’s intended outcome for full and partial LTT relief for special tax sites. 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 […]

ICAEW responds to latest MTD ITSA consultation

[ad_1] Amendments to the regulations and notices for making tax digital income tax self assessment (MTD ITSA) need to be set in the context of wider concerns about the programme. ICAEW’s Tax Faculty has responded to HMRC’s consultation on draft regulations for MTD ITSA and associated notices in ICAEW REP 08/24.  As the current MTD ITSA […]

Government responds to three consultations on customs measures

[ad_1] The responses set out next steps on measures to simplify customs import and export processes for traders. HMRC has announced a range of measures intended to simplify customs processes to reduce the administrative burden on business. This includes responses to consultations conducted earlier this year on:  Introducing a voluntary standard for customs intermediaries  In […]

UK government responds to venture capital reliefs report

[ad_1] The response suggests that the current sunset clauses for the enterprise investment scheme (EIS) and venture capital trusts (VCTs) will be extended beyond 2025. However, the response also pushes back on some of the committee’s other recommendations, including extending the company age and funding limits for these schemes. The initial report was published by […]

ICAEW responds to draft Finance Bill 2023-24 provisions

[ad_1] The Tax Faculty provided input on measures relating to the proposed merged R&D tax credit scheme, tougher measures for promoters of tax avoidance, changes to data HMRC collects from customers and abolishing the pensions lifetime allowance. A consultation on draft clauses for inclusion in Finance Bill 2023-24 was launched on 18 July. ICAEW’s Tax […]

ICAEW responds to consultation on customs intermediaries

[ad_1] ICAEW is broadly supportive of a voluntary standard, but stressed that the interaction with current standards needs to be considered. In its response to HMRC’s consultation, ICAEW expressed broad support for the introduction of a voluntary standard for customs intermediaries to raise the quality and consistency of service across the sector, particularly in the […]

ICAEW responds to tougher sanctions for tax avoidance

[ad_1] HMRC’s proposals would allow a criminal offence to be applied where promoters continue to promote a scheme after a stop notice has been issued, and directors to be disqualified in some situations. HMRC has had the power since 2021 to issue stop notices to tax avoidance scheme promoters. These notices are designed to bring […]

ICAEW responds on simplifying income tax administration

[ad_1] HMRC’s discussion document on simplifying income tax administration covers several disparate topics. ICAEW’s response agrees that improvements are possible if HMRC has the resources to develop its digital services and the needs of agents are considered. HMRC’s tax administration framework review (TAFR) is one element of HMRC’s 10-year Tax Administration Strategy, launched in 2020. […]

Government responds to professional bodies on HMRC service

[ad_1] The government has responded to an open letter to the Chancellor on HMRC service standards. The letter emphasises that digital services are the key to improved HMRC performance. On 10 May 2023, Victoria Atkins MP, Financial Secretary to the Treasury (FST), responded to the 1 March 2023 open letter from 10 professional bodies to the Chancellor […]

ICAEW responds to proposed revisions to Ethical Code

[ad_1] The Tax Faculty’s response provides a detailed analysis of the proposed revisions to the Ethical Code published by the International Ethics Standards Board (IESBA) compared to the UK’s Professional Conduct in Relation to Taxation (PCRT). In ICAEW REP 41/23, ICAEW’s Tax Faculty expresses support for IESBA’s initiative to strengthen the existing ethical code as […]