Latest news on the UK tax system, brought to you by the ICAEW Tax Faculty.
28 July: Fewer trusts will be within the scope of the expansion of the Trust Registration Service (TRS) than originally proposed, but the 30-day deadline for new trust registrations and rules granting third-party access to data remain unchanged.
23 July: From 1 January 2021 VAT on imported goods with a value of up to £135 will be collected at the point of sale not the point of importation, HMRC has confirmed.
21 July: The Office of Tax Simplification and Treasury Select Committee, respected influencers of tax change, make similar recommendations to change the taxation of small businesses and redress the issues highlighted in recent months.
10 July: HMRC has confirmed that equipment to protect employees from coronavirus is non-taxable, but reissued guidance suggests that tests purchased by staff and reimbursed by employers may be subject to tax.
8 July: No SDLT on houses up to £500,000 in England and Northern Ireland, VAT cut to 5% to support hospitality and a £1,000 bonus for retaining furloughed employees were the headline tax changes in the Chancellor’s Summer Statement
8 July: Employers who retain staff for three months after the furlough scheme ends will receive £1,000 government ‘bonus’ for each employee, the Chancellor has announced.
8 July 2020: The Chancellor has cut stamp duty land tax (SDLT) to encourage confidence in the residential property market following the coronavirus lockdown.
8 July: VAT on eating out, accommodation and tourist attractions will be cut to 5% to help the UK’s hospitality sector recover from the impacts of the coronavirus pandemic.