Highlights from the broader tax news for the week ending 18 January 2023, including: Finance Act Royal Assent; Agent Maintainer Team; ATED revaluations; changes to HMRC statistics publications; and administration of Scottish income tax.
Finance Act 2023
The Finance Act received Royal Assent on 10 January 2023. This enacts some of the changes to rates, allowances and thresholds announced at Autumn Statement 2022.
Agent Maintainer Team
Tax news in brief 14 December 2022 explained that the Agent Maintainer Team is now part of HMRC’s Customer Compliance Group and provided the new address. The Agent Maintainer Team deals with new agent registrations and changes of agent’s own details.
Authorisation requests, including 64-8 forms, continue to be dealt with by the Central Agent Authorisation Team, which is part of HMRC Customer Services Group. As before, authorisation requests should be sent to:
National Insurance Contributions and Employer Office,
HM Revenue and Customs,
Annual tax on enveloped dwellings revaluations required
HMRC has updated its annual tax on enveloped dwellings (ATED) guidance to remind taxpayers that the 2023 to 2024 chargeable period is a revaluation year. Taxpayers must use the valuation date of 1 April 2022 or the date of acquisition, if later, to revalue their properties. Taxpayers with a property with a value falling within 10% of a banding threshold can request a pre-return banding check from HMRC.
Consultation on changes to HMRC statistics publications
ICAEW responded to the consultation on changes to HMRC statistics publications as ICAEW REP 02/23, supporting the majority of the suggested changes. Publication of high-quality financial data on taxation is important not only to the accountability of HMRC to Parliament in how it collects taxes on the public’s behalf, but also in providing essential information on economic activity in the UK and on the UK’s public finances to a wide range of users.
Administration of Scottish income tax by HMRC
The National Audit Office (NAO) has issued its report on HMRC’s Administration of Scottish income tax for 2021/22. The report assesses HMRC’s calculation of the 2020/21 income tax revenue for Scotland, the outturn, and assurance on the correctness of amounts brought to account; HMRC’s estimate of the 2021/22 income tax revenue for Scotland and the NAO’s view on the estimate methodology; key controls operated by HMRC to assess and collect income tax; HMRC’s approach to assessing and mitigating the risk of non-compliance with Scottish tax requirements; and the cost of administering Scottish income tax.
This guidance is created by the Tax Faculty, recognised internationally as a leading authority and source of expertise on taxation. The Faculty is the voice of tax for ICAEW, responsible for all submissions to the tax authorities. Join the Faculty for expert guidance and support enabling you to provide the best advice on tax to your clients or business.