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ICAEW technical updates: February 2024

Author: ICAEW Insights

Published: 28 Feb 2024

This month’s top stories include HMRC’s u-turns on double cab pickups, HMRC publishes more guidance on the pensions lifetime allowance, and the Finance Act 2024 receiving Royal Assent.

Need to know

HMRC u-turns on double cab pickups: HMRC will continue to treat double cab pickups as goods vehicles for the purposes of the BIK and capital allowances rules.

ICAEW writes to the Financial Secretary to the Treasury: Tax Faculty supplements ICAEW’s Spring Budget 2024 representations by writing to government on HMRC service performance and VAT simplification.

Finance Act 2024 receives Royal Assent: The Finance Bill 2023-24 became the legally binding Finance Act 2024 on 22 February 2024. As a result, a number of measures take effect from that date.

ICAEW suggests changes to offsets under off-payroll working rules: A single determination of tax and NIC would simplify the offsetting process. The deemed employer should have the right to appeal against a determination.

HMRC prompts disclosure of CGT liability on sale of shares: HMRC has written to taxpayers who may have sold shares and failed to include the disposal on their tax return.

VAT import one stop shop for Northern Ireland: Businesses in Northern Ireland can now register for the scheme to account for VAT on goods sold to consumers in the EU or Northern Ireland.

HMRC prompts disclosure of dividend income: HMRC has written to company owners who it believes may have failed to declare dividend income.

Have your say on HMRC performance: ICAEW and other professional bodies are gathering feedback on HMRC’s performance through a survey. The Tax Faculty also looks at HMRC’s latest quarterly performance report.

HMRC prompts companies to review AIA claims: HMRC has written to companies that may need to share their AIA with fellow group members and related companies.

NAO finds room for improvement in HMRC’s monitoring of tax reliefs: The NAO has published its findings and recommendations on how HMRC monitors the effectiveness of ‘non-structural’ tax reliefs.

ICAEW calls on the next government to simplify tax system: ICAEW recommends the publication of a tax simplification roadmap and investment in HMRC to improve performance and digital services.

Member help sheets and guidance

HMRC publishes more guidance on the pensions lifetime allowance: HMRC’s latest lifetime allowance guidance newsletter includes FAQs and more information on transitional tax-free amount certificates.

New HMRC process for termination payment queries: HMRC’s latest Employer Bulletin states that termination payment enquiries should now be made through the non-statutory clearance service.

Legislative changes will allow HMRC to move to digital by default: The government has announced improvements and legislative changes intended to increase the use of HMRC’s online income tax services.

HMRC changes agent authorisation for VAT: The digital handshake in the agent services account should now be used for almost all agent authorisations for VAT.

House of Lords reports on Finance Bill measures: House of Lords agrees with the Tax Faculty recommendation that the start date for merged scheme for R&D tax relief should be delayed.


HMRC consults on guidance for R&D tax reliefs: HMRC has published draft guidance for consultation on R&D tax reliefs for overseas expenditure and contracted-out R&D.

Tax Faculty responds to LTT freeports consultation: The draft legislation may not give the Welsh government’s intended outcome for full and partial LTT relief for special tax sites.

Consultation on loss relief changes for building societies: The government is consulting on draft secondary legislation that applies to transfers of business by building societies.

Government consults on options to reform tax administration: The government has published a call for evidence on HMRC's enquiry and assessment powers, penalties, and safeguards.

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