Tax Round-up 2020
This webinar from the Tax Faculty provides a round up of all the measures that are under review and subject to consultation, and how the faculty will be responding.
Tax avoidance
Expert commentary and practical guidance from ICAEW related to tax avoidance and ensuring compliance with UK tax regime.
Need to know
In this section
Practical guidance
ICAEW's Tax Faculty produces TAXguides to provide practical support on technical areas of tax.
TAXguide 11/18: the settlements legislation
In TAXguide 11/18 Sarah Godfrey explores the settlements legislation and what it means for the family business, the Arctic Systems case and HMRC’s views of the rules as they currently apply.
TAXGUIDE 02/16
Company distributions - transactions in securities regime and liquidation distributions targeted anti-avoidance rule
TAXGUIDE 01/16
Transactions in Securities: Company Distributions
TAXguide 07/15
Finance Act 2015 Changes to entrepreneurs' relief
TAXguide 03/14
Partnerships - salaried members rules for LLPs
TAXguide 05/13
HMRC Comments on treatment of liabilities for inheritance tax purposes
TAXguide 05/12
Guidance on Aggressive tax avoidance schemes – what you need to bear in mind
Features and articles
Tax news in brief
Highlights from the broader tax news week ending 13 October, which includes: new HMRC guidance on joint and several liability notices and on avoiding non-compliant umbrella companies. HMRC extends access for employer client data, is to cease benefit payments to post office accounts and confirms that DIY housebuilders can reclaim VAT on blinds and shutters.
Deadline nears for claims under disguised remuneration repayment scheme
ICAEW’s Tax Faculty reminds agents and taxpayers that applications to reclaim tax under the disguised remuneration repayment scheme must be completed and received by HMRC by 30 September 2021.
New tax avoidance promoter rules could be clearer, says ICAEW
Draft legislation aimed at tackling promoters of tax avoidance schemes includes subjective terms and tests which are open to interpretation, says ICAEW. The terms should be amended or HMRC guidance created outlining its interpretation to avoid confusion.
Tax news in brief
Highlights from the broader tax news week ending 16 June, which includes: G7 leaders backing global tax commitment; a word of caution on deeds of assignment; guidance on tax avoidance using unfunded pension arrangements; VAT liability of daycare services; and more support on heritage assets.
NIC Bill confirms reliefs for Freeports and broadening of DOTAS
The government has published the National Insurance Contributions Bill, which legislates reliefs for employers of veterans and those operating in Freeports, as well as for the self-employed isolating due to COVID-19. The Bill will also enable upcoming changes to the DOTAS scheme to apply to national insurance avoidance.
HMRC expands reporting portal for mandatory disclosure rules
It is now possible to manually report arrangements between the UK and EU member states under the mandatory disclosure reporting regime (commonly known as DAC 6).
ECA calls for better exchange and analysis of tax data
25 February 2021: Fair and effective taxation in the single market continues to be hampered by insufficient sharing of tax information, according to a recent report issued by the European Court of Auditors.
HMRC evaluates its powers, obligations and safeguards
9 February 2021: HMRC concludes its approach to implementing powers has been broadly consistent with the 2005 – 2012 Powers Review principles, but that there is room for improvement. HMRC also sets out 21 commitments to address the findings.
Webinars and recordings
Managing tax risks in a complex world
Join BDO’s James Egert, Karen Riley, Steven Levine and Carrie Rutland as they take a high-level overview of the key risks that companies face in making disclosures, submitting accurate returns and applying the law correctly.
Tax Round-up 2020
This webinar from the Tax Faculty provides a round up of all the measures that are under review and subject to consultation, and how the faculty will be responding.
Budget update
The Tax Faculty's essential budget webinar.
Bloomsbury Core Accounting and Tax Service
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. Find out who is eligible and how you can access the Core Accounting and Tax Service.
Tax planning versus tax avoidance
Expert commentary on how to draw a line between tax planning, tax avoidance and illegal tax evasion, in relation to capital gains tax.
Non-resident CGT and UK land
A chapter on taxation relevant to non-resident investors in UK land, highlighting tax planning opportunities and potential pitfalls.
Remuneration strategies
Chapter containing advice on remuneration strategies and tax planning, written for anyone who advises or runs a family or owner-managed company.
Selling the owner-managed business or company
Tax planning advice on selling a family or owner-managed company, written for anyone who advises or runs one.
Contentious tax planning enquiries
Guidance on enquiries which are more likely to result in a significant dispute with HMRC, to help practitioners with tax administration and compliance.
Tackling 'tax avoidance'
A chapter on HMRC's powers in relation to tax avoidance, to help practitioners with tax administration and compliance.
Terms of use: You are permitted to access, download, copy, or print out content from eBooks for your own research or study only, subject to the Acceptable usage terms.
eBooks
The Library & Information Service provides a collection of eBooks as a benefit of membership. Please log in to access these titles. If you are unable to access an eBook, please see our Help and support or contact library@icaew.com.
What everyone needs to know about tax
A straightforward explanation of tax and the policy behind it for non-specialists, with coverage of recent controversies and illustrative case studies.
Anti-avoidance
HMRC has recently taken a more aggressive stance on tax avoidance schemes, even though the schemes do not conflict with the letter of the law. This has taken the form of a general anti-avoidance rule (GAAR), regulations on transfer pricing, disclosure stipulations and stiffer penalties for non-compliance.
UK tax system: an introduction, The (3rd edition)
Guide to the UK tax system for tax practitioners and students.
VAT and property : guidance on the application of VAT to UK property transactions and the property sector
A practical guide to applying VAT to UK property transactions.
Tax havens today: the benefits and pitfalls of banking and investing offshore
How to reduce taxes by moving your business offshore.
Terms of use: You are permitted to access, download, copy, or print out content from eBooks for your own research or study only, subject to the terms of use set by our suppliers and any restrictions imposed by individual publishers. Please see individual supplier pages for full terms of use.
Representations
ICAEW REP 85/21 Promoters of tax avoidance schemes
Draft legislation aimed at tackling promoters of tax avoidance schemes includes subjective terms and tests which are open to interpretation, says ICAEW in its response to HMRC's consultation. The terms should be amended or HMRC guidance created outlining its interpretation to avoid confusion.
ICAEW REP 57/21 Raising standards in the tax advice market: professional indemnity insurance and defining tax advice
A response dated 11 June 2021 to a consultation published by HMRC on 23 March 2021.
ICAEW REP 42/21 F2B19-21 clause 122 financial institution notices
Briefing submitted to MPs on 12 April 2021 on Finance (No.2) Bill 2019-21 published by government on 11 March 2021 on clause 122 which relates to financial institution notices.
ICAEW REP 109/20 International regulatory cooperation
A response dated 25 November 2020 to a consultation published by BEIS on 2 September 2020.
ICAEW REP 93/20 Tax devolution in Wales: enabling changes to the Welsh Tax Acts
A response dated 15 October 2020 to a consultation published by the Welsh government on 16 July 2020.
ICAEW REP 88/20 Finance Bill 2020-21 : Tax avoidance measures and new tax checks
A response dated 9 October 2020 to a consultation published by HoL on 21 July 2020.
ICAEW REP 79/20 Tackling disguised remuneration tax avoidance
A response dated 30 September 2020 to a consultation published by HMRC on 21 July 2020.
ICAEW REP 69/20 Tackling promoters of tax avoidance
A response dated 15 September to a consultation published by HMRC on 21 July 2020.