Features and articles from ICAEW related to tax avoidance and ensuring compliance with UK tax regime.
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.
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.
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Mark McLaughlin looks at the cautionary tale of Mr Khan, where a company purchase of own shares had unexpected and expensive tax consequences
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.
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Lindsey Wicks provides a summary of key measures outlined in Finance Bill 2021.
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.
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).
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.
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.
1 February 2021: ICAEW’s Tax Faculty has urged HMRC to rethink reforms of follower notice penalties and suggested better ways to target follower notices at taxpayers appealing cases concerning tax arrangements that match those already defeated at the courts.