Exclusive
Read more
Guidance
MTD for individuals
MTD for individuals is centred around the Personal Tax Account (PTA) which already has many of the services needed by PAYE taxpayers. HMRC continues to improve and develop the PTA.
Exclusive
Read more
Taxline
Practical points: personal tax January 2024
Every month, the Tax Faculty publishes short, practical pieces of guidance to help agents and practitioners in their day-to-day work. This month covers capital gains tax; income tax; and residence and domicile.
Capital gains tax
Exclusive
Building Back Better? Not yet!
- Article
- 12 Mar 2024
Ros Rowe, Subject Matter Expert for the Construction & Real Estate Community offers a personal view on what the Spring Budget means for housing and construction.
Chancellor abolishes furnished holiday lets treatment and announces stamp duty land tax changes
- Article
- 06 Mar 2024
From April 2025, taxpayers will no longer be able to treat their property business as a furnished holiday let (FHL). Stamp duty land tax multiple dwelling relief (SDLT MDR) will be abolished from 1 June 2024.
HMRC prompts disclosure of CGT liability on sale of shares
- Article
- 13 Feb 2024
HMRC has written to taxpayers who may have sold shares and failed to include the disposal on their tax return.
Government consults on tax simplification for alternative finance
- Article
- 23 Jan 2024
The government has proposed changing the capital gains tax (CGT) rules to ensure that alternative finance arrangements are taxed in the same way as other arrangements.
Income tax
Spring Budget 2024: the measures you missed
- Article
- 11 Mar 2024
ICAEW’s Tax Faculty scans the Spring Budget documents for other tax-related announcements that didn’t make the headlines.
Chancellor abolishes furnished holiday lets treatment and announces stamp duty land tax changes
- Article
- 06 Mar 2024
From April 2025, taxpayers will no longer be able to treat their property business as a furnished holiday let (FHL). Stamp duty land tax multiple dwelling relief (SDLT MDR) will be abolished from 1 June 2024.
MTD ITSA regulations amended but concerns remain
- Article
- 27 Feb 2024
ICAEW’s Tax Faculty examines the latest MTD publications, including the amended MTD ITSA regulations and the government’s response to the public accounts committee report on MTD.
Tax news in brief 28 February 2024
- Article
- 27 Feb 2024
Highlights from the broader tax news for the week ending 28 February 2024, including: a new income tax exemption for the Champions League final, tips from HMRC on paying PAYE and filing an ATED return; and the EU’s new digital system for union goods.
Inheritance tax
Tax news in brief 24 January 2024
- Article
- 23 Jan 2024
Highlights from the broader tax news for the week ending 24 January 2024, including: time to pay arrangements; preparing for changes on moving goods from Ireland to Great Britain; HMRC research on VAT penalty reform; insolvency guidance on operating PAYE; and updates to the process for applying for probate.
Trusts – their use in Personal Financial Planning
- Article
- 23 Jan 2024
An explanation of the role of trusts in personal financial planning.
HMCTS update on delays in probate applications
- Article
- 07 Nov 2023
As a member of the Probate Service User Group, the ICAEW Regulatory Policy team regularly meet with Her Majesty's Courts and Tribunals Service (HMCTS) to raise your questions and feedback. Find out what improvements are being planned for Autumn 2023 in HMCTS.
Exclusive
Development land tax pitfalls – deferred consideration
- Article
- 27 Oct 2023
Despite all the news about the housing sector slowing down, the demand for farmland for development has remained strong, with reduced profit margins due to costs. Tax on the sale of land for development can be very complicated. In most cases the gain on the sale of land should be chargeable to capital gains tax (CGT) but in some cases the profit can be charged to income tax and this takes considerable planning in advance.
Watch a Tax Faculty webinar
Webinars and videos have been designed by the Tax Faculty to provide practical guidance to practitioners on important developments to tax practice and policy.
You can register for Tax Faculty webinars by visiting our events page.
Register now You can register for Tax Faculty webinars by visiting our events page.
Pensions
More guidance released on lifetime allowance abolition
- Article
- 11 Mar 2024
HMRC has responded to feedback on the abolition of the pension lifetime allowance rules. Detailed guidance has been published and amendments will be made to the legislation, effective from 6 April 2024.
ICAEW technical updates: February 2024
- Article
- 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.
How to tax interest paid by public service pensions schemes
- Article
- 26 Feb 2024
HMRC has provided guidance on the tax treatment of interest paid under the public service pensions remedy.
HMRC publishes more guidance on the pensions lifetime allowance
- Article
- 20 Feb 2024
HMRC’s latest lifetime allowance guidance newsletter includes FAQs and more information on transitional tax-free amount certificates.
Property tax
Chancellor abolishes furnished holiday lets treatment and announces stamp duty land tax changes
- Article
- 06 Mar 2024
From April 2025, taxpayers will no longer be able to treat their property business as a furnished holiday let (FHL). Stamp duty land tax multiple dwelling relief (SDLT MDR) will be abolished from 1 June 2024.
A pre-election Budget lacking in rabbits or hats
- Article
- 06 Mar 2024
An extension of full expensing to leases is welcome news for businesses in a Budget that delivers nothing unexpected.
Exclusive
Time to think about ATED?
- Article
- 27 Feb 2024
Ahead of the next ATED deadline on 30 April 2024, Stephen Relf explains why more of us may need to engage with ATED, identifies some problem areas to look out for and asks if ATED is still fit for purpose.
Tax news in brief 28 February 2024
- Article
- 27 Feb 2024
Highlights from the broader tax news for the week ending 28 February 2024, including: a new income tax exemption for the Champions League final, tips from HMRC on paying PAYE and filing an ATED return; and the EU’s new digital system for union goods.
Residence and domicile
Non-dom regime replaced by foreign income and gains regime
- Article
- 06 Mar 2024
In the Spring Budget, the Chancellor announced that the current remittance basis of taxation will be abolished for UK resident non-domiciled individuals from 6 April 2025 and replaced by a new four-year foreign income and gains (FIG) regime.
A pre-election Budget lacking in rabbits or hats
- Article
- 06 Mar 2024
An extension of full expensing to leases is welcome news for businesses in a Budget that delivers nothing unexpected.
Exclusive
Inheritance tax: pitfalls and planning points
- Article
- 03 Aug 2023
Inheritance tax has been in the public eye again in recent months, sparking media debate on the merits and demerits of one of the UK’s least favourite taxes. Mei Lim Cooper looks at some of the pitfalls and planning points for inheritance tax as it stands.
Under pressure: resetting the UK’s national bargain
- Article
- 03 Jul 2023
The UK tax burden is set to hit a post-war high in 2027/28. ICAEW examines how governments can improve the public purse at the same time as keeping public sentiment onside.
Determining domicile as a preliminary issue
- Article
- 03 Mar 2023
Andrew Cockman reviews the continuing litigation by Epaminondas Embiricos concerning the point at which a taxpayer’s domicile should be established in the litigation process.
Tax news in brief 6 July
- Article
- 05 Jul 2022
Highlights from the broader tax news for the week ending 6 July 2022, including: L-Day; tax credit renewals; ID for government gateway; HMRC survey on forms; residence indicator tool; CHIEF closed to new importers; and an updated partial exemption toolkit.
Savings and investments
HMRC prompts disclosure of dividend income
- Article
- 05 Feb 2024
HMRC has written to company owners who it believes may have failed to declare dividend income.
Autumn Statement: the tax changes that didn’t make the headlines
- Article
- 29 Nov 2023
ICAEW’s Tax Faculty scans the Autumn Statement documents for other tax-related announcements. Various tax measures can be found in the Overview of tax legislation and rates, the Autumn Statement, and updated Tax information and impact notes.
Employee engagement and productivity: How Cooper Parry’s investment in staff training and well-being is paying dividends
- Article
- 17 Oct 2023
Accountancy firm and ICAEW member Cooper Parry has long taken an innovative approach to staff well-being and happiness. But in the post-pandemic world, things like flexible and remote working no longer made it stand out, so it’s updating its employee offer.
Exclusive
The keeping of horses not a trade for EIS relief
- Article
- 20 Jul 2023
There have been a number of tribunal cases where appeals have failed as a result of there not being a recognisable trade, e.g. Babylon Farm Ltd v HMRC [2021] UKUT 224 (TCC) regarding the sale of hay for horses.
Trusts
Trust transparency measures ‘need more thought’
- Article
- 26 Feb 2024
ICAEW urges the government to rethink its approach on improving transparency for land-holding trusts.
Exclusive
Changes to the rules for low-income trusts and estates
- Article
- 02 Feb 2024
Mei Lim Cooper looks at some of the useful changes made by Finance (No. 2) Act 2023 to simplify the rules for trusts and estates. Most of the measures take effect from 6 April 2024.
Trusts – their use in Personal Financial Planning
- Article
- 23 Jan 2024
An explanation of the role of trusts in personal financial planning.
Exclusive
Australian Taxation Office issues guidance on new corporate collective investment vehicle regime
- Article
- 04 Dec 2023
Jock McCormack of DLA Piper Australia provides an update after the issuance of a draft ruling on the operation of a new investment vehicle that is governed by trust taxation rules.
Updated Statement of Insolvency Practice 3.3 Scotland (Trust Deeds)
- Article
- 27 Sep 2023
A revised SIP 3.3 relating to trust deeds has been issued. It was approved by the Joint Insolvency Committee and each of the recognised professional bodies following consultation with the profession and wider sector stakeholders. The main changes in the revised SIP 3.3 relate to the principles, key compliance standards and standards of specific applications being, as far as practicable, aligned with the recently revised SIP 3.1 relating to individual voluntary arrangements taking account of Scots law, trust deed procedures, appropriate terminology, etc.
Charity tax reforms should not overly burden charities, cautions ICAEW
- Article
- 25 Jul 2023
While ICAEW’s Tax Faculty supports HMRC’s efforts to counter the abuse of charity tax rules, any reforms should be proportionate to the issue. Otherwise, the reforms risk deterring volunteer involvement and vital donations to charities.
Tax news in brief 19 April 2023
- Article
- 19 Apr 2023
Highlights from the broader tax news for the week ending 19 April 2023, including: closure of online VAT return; PAYE direct debits; TRS reporting requirements; interest rate increase for discounted gift trusts; NMW campaign; Finance Bill amendment for R&D; closure of the DAC6 reporting service; and Tax Administration and Maintenance Day.
Exclusive
Two registers to watch out for
- Article
- 03 Nov 2022
As we all know by now, the Trust Registration Service was set up in 2017, as part of a worldwide drive to reduce money laundering. Although this was done as part of a European initiative, it was agreed as part of the Brexit Withdrawal Agreement that this would be maintained in future. However, another register has been introduced with very little notice or publicity.
Looking for support?
Faculty exclusive
TAXconnect
TAXconnect works on a telephone ‘hotline’ system, whereby consultants offer advice to Tax Faculty members on a range of tax problems for a nominal fee.
Search the directoryLibrary & Information Service
Can't find what you're looking for?
The ICAEW Library can give you the right information from trustworthy, professional sources that aren't freely available online. Contact us for expert help with your enquiries and research.