Tax Faculty
Find out more about the Tax Faculty and upcoming events. Faculty members can access exclusive content, including TAXline, TAXguides, webinars, representations and support schemes.
Tax
The Tax area has information and guidance on technical and practical tax matters. There are links to events, the latest tax news and the Tax Faculty’s publications, including helpsheets, webinars and Tax representations.
Need to know
In this section
Budgets and legislation
Finance Act 2019
The Finance Act 2019 received Royal Assent on 12 February 2019. It was originally introduced to Parliament as Finance (No.3) Bill 2018. On this page you can find guidance, parliamentary papers, representations and other commentary on the Bill's progress into law.
Budget 2018 Report
Technical managers from ICAEW Tax Faculty provide a summary of all the new announcements relating to tax in the 2018 Budget.
The NHS, Brexit and more: TAXtalk Budget 2018
Two days after the 2018 Budget, Frank Haskew and Anita Monteith from the Tax Faculty, were joined by ICAEW's Public Sector Director Ross Campbell to discuss Philip Hammond's announcements.
ICAEW Rep 115/18: Budget Autumn 2018
ICAEW's Tax Faculty has responded to HM Treasury's invitation for comments ahead of the 2018 Budget. The response concludes that there should be no new policy initiatives on tax at this time. Attention should instead be given to enabling taxpayers easily to fulfil their obligations and to understand their entitlements. Coping with HMRC’s digital systems has been made more difficult by the number of policy changes.
Business tax
Practical guidance, commentary and support on the taxation of business, including: capital allowances, entrepreneurs relief and corporation tax, as well as the taxation of partnerships, the self-employed and charities.
Non-residents’ gains on UK real estate: impact of new tax rules
Changes made by the Finance Act 2019 will now affect UK real estate held both directly and indirectly by non-residents, vastly increasing the scope for error and omission, argues Ray Magill, member of the LSAC Tax Committee.
A limited period of time
Rachael Dronfield examines a First-tier Tribunal decision concerning whether a minimum period applies to holding an interest in possession for entrepreneurs’ relief.
TAXbite: Check your NIC record!
An introduction to checking your national insurance contributions.
TAXbite: Entrepreneurs Relief - the recent changes
This TAXbite explains the 2018 and 2019 changes to Entrepreneurs Relief: the two-year ownership test and the new economic ownership test.
Devolved taxes
Support and guidance on taxation under the devolved governments of the UK; Northern Ireland, Scotland and Wales
Devolved taxes
In this webinar Charlotte Barbour, director of taxation, ICAS, and Frank Haskew, Head of Tax, ICAEW provide an overview of the devolved tax powers, and pointers to areas where care needs to be taken when advising clients across the UK.
SDLT payment window reduced
For transactions with an effective date falling on or after 1 March 2019, the due date for payment of the SDLT has changed to 14 days.
TAXline News - September 2018
Frank Haskew, Head of the Tax Faculty, reports on recent developments at the Tax Faculty during September 2018.
Employment tax
Practical guidance, commentary and support on employment taxation, including: benefits and expenses, company car tax, national insurance, PAYE and real-time information, and the taxation of intermediaries.
TAXline News - December 2019
Frank Haskew, Head of the Tax Faculty, reports on recent developments at the Tax Faculty during December 2019.
Pressing the pause button
Lindsey Wicks explains the theme behind the Tax Faculty’s budget submission.
TAXguide 16/19 off-payrolling from April 2020
Answers to questions asked at ICAEW Tax Faculty webinar on 7 August 2019
TAXline News - November 2019
Frank Haskew, Head of the Tax Faculty, reports on recent developments at the Tax Faculty during November 2019.
International taxes
Expert commentary and practical guidance from ICAEW related to international taxation regimes.
DAC6: EU Mandatory Disclosure Regime
This webinar addresses the practical issues raised by the introduction of the Finance Act 2019, including challenges for tax advisers, how firms are approaching compliance and an overview of the challenges for tax payers.
How whistleblowing on tax avoidance scandals is changing financial crime provisions
Following the Panama and Paradise Papers leaks, David Walbank QC explains the possibilities of future scandals and the vagaries of the new financial crime provisions
Slicing up the cake for international tax
Wendy Nicholls and David Green assess the Organisation for Economic Operation and Development’s workplan and explain potential changes that can come from it to the international tax landscape.
Making tax digital
The growing pains of Making Tax Digital for VAT
Thoughts on the adoption of MTD for VAT – from Jessica Pillow’s perspective as a practice leader and an overall practice view.
TAXline News - November 2019
Frank Haskew, Head of the Tax Faculty, reports on recent developments at the Tax Faculty during November 2019.
Policymaking for a digitally advanced tax administration
Steve Wade, chair of the Tax Faculty’s Employment Taxes and NIC Committee, challenges the government to reflect its ambition for a digitally advanced tax administration in the tax policy consultation process.
MTD for VAT: applications for more time for digital links
HMRC has introduced a process to allow businesses to apply for additional time to put in place digital links to comply with the requirements of Making Tax Digital (MTD) for VAT, reports the ICAEW Tax Faculty team.
Personal tax
Expert commentary and practical guidance from ICAEW related to personal taxation, covering areas including: capital gains tax, income tax, inheritance tax, pensions, residence and domicile, savings and investments and trusts
St Pancras Station principal private residence ruling
The Court of Appeal has ruled over when a period of ownership begins in a long-running case concerning the purchase and sale of a residential property in the St Pancras Station development.
Non-residents’ gains on UK real estate: impact of new tax rules
Changes made by the Finance Act 2019 will now affect UK real estate held both directly and indirectly by non-residents, vastly increasing the scope for error and omission, argues Ray Magill, member of the LSAC Tax Committee.
Taking a risk with venture capital schemes
In the run up to the 2017 Autumn Budget, there were some concerning rumours that the Treasury had decided that the venture capital schemes (ie, venture capital trusts (VCTs), the enterprise investment scheme (EIS) and seed enterprise investment scheme (SEIS)) did not deliver value for money to the UK taxpayer and that they were focussed on providing tax reliefs for wealthy individuals. There were even rumours that the EIS and SEIS were going to be abolished completely.
Professional standards
Professional conduct in relation to taxation (PCRT)
Professional Conduct in Relation to Taxation (PCRT) has been updated making it easier to navigate with a new digital structure. This edition is effective from 1 March 2019.
Engagement letters and privacy notices
ICAEW has developed guidance for practice firms on what to include in engagement letters. This page provides a series of sample wordings to help you draft your own engagement letters.
Avoidance and Professional Conduct in Relation to Tax
First broadcast 01 December 2016 - ICAEW deputy president Nick Parker, ICAEW Head of Tax Frank Haskew guide you through the changes to PCRT that came into effect on 1 March 2017.
Property tax
Expert commentary and practical guidance from ICAEW related to the taxation of property in the UK regime, covering areas such as: ATED (annual tax on enveloped dwellings), business rates and stamp duty land tax.
Property issues - top tips
In times of continuing changing partnerships, we see many property transactions within GP partnership accounts, there are several key areas to be aware of.
St Pancras Station principal private residence ruling
The Court of Appeal has ruled over when a period of ownership begins in a long-running case concerning the purchase and sale of a residential property in the St Pancras Station development.
Non-residents’ gains on UK real estate: impact of new tax rules
Changes made by the Finance Act 2019 will now affect UK real estate held both directly and indirectly by non-residents, vastly increasing the scope for error and omission, argues Ray Magill, member of the LSAC Tax Committee.
CGT Private residence relief
FAQ on whether a client can benefit from Private Residence Relief and Lettings Relief, even though the property, which was once their only or main residence, has been let out for several years.
Stamp duty land tax
Expert commentary and practical guidance from ICAEW related to stamp duty land tax in the UK regime.
Budget 2018: Avoidance, evasion and compliance
ICAEW Tax Faculty provides analysis of the announcements relating to tax avoidance, evasion and compliance in the 2018 Budget.
Budget 2018: Stamp taxes
ICAEW Tax Faculty provides analysis of the announcements relating to stamp taxes in the Budget 2018
Trust Registration Service: where do we stand?
Sue Moore, Tax Faculty technical manager with responsibility for private client matters, provides a progress report, explaining what practitioners need to know, on the new Trust Registration Service that was introduced in 2017
Tax administration
Expert commentary and practical guidance from ICAEW related to the administration of the UK tax regime, covering agents work with HMRC and tax returns, as well as the compliance issues, including appeals and investigations, avoidance, evasion, money laundering and penalties.
HMRC contact information
HMRC contact information, including telephone numbers, online options and postal addresses, together with tips.
Tax rates, allowances and reliefs
This guidance provides a summary of key tax rates, allowances and reliefs for 2017/18, 2018/19 and 2019/20.
Practical points 2018 - Tax administration
Guidance from ICAEW's Tax Faculty for practitioners on the latest developments in policy, practice and legislation related to the administration of tax.
Making complaints to HMRC
This guide to help you through the HMRC complaits process.
ICAEW works to support tax reform
Reforming property taxes for business – what are the options?
Taxing business properties form an important part of the tax base for many countries, but they are often complex and in an increasingly online world can be irrelevant to an organisation’s turnover. The time has come to overhaul business property tax systems and here ICAEW outlines the options.
Hypothecation of taxes – a cure to austerity?
Is hypothecation - assigning particular tax revenues to a specific public policy goal - a good thing? Read Ian Young's article presenting the facts and then decide.
The sharing economy – labour and the gig economy
Anita Monteith of ICAEW’s Tax Faculty explains how to account for trades in the sharing economy, specifically how tax and national insurance work in the gig economy
Expert commentary and practical guidance from ICAEW related to VAT under the UK tax regime.
Pressing the pause button
Lindsey Wicks explains the theme behind the Tax Faculty’s budget submission.
Using Bloomsbury Professional online library
Eligible firms have free access to Bloomsbury Professional’s comprehensive online library, comprising more than 60 titles from some of the country’s leading tax and accounting subject matter experts.
TAXbite: VAT registration
An introduction on what to do whilst waiting for your VAT registration.
VAT - box 7
FAQ on how an architect client should treat his occasional outsourcing to other architect firms, who are not VAT registered, and whether their work should be entered in box 7.