Weekly tax update 13 March 2018

The latest tax update and VAT round up for this week

13 Mar 2018
Geoff Everett, Andrew Wilkes
Geoff Everett, Andrew Wilkes
Authors
  • Geoff Everett, Andrew Wilkes
Corporate Criminal Office Banner 1920X1080

In this week's tax update:

General

  • Spring Statement 2018
  • Consultation - The role of online platforms in ensuring tax compliance by users
  • Tax policy consultation tracker – outcome of CIOT/IfG/IFS proposals
  • Cash and digital payments in the new economy
  • Brexit funding allocation to Government departments for 2018-19
  • Report on reforming the taxation of income
  • Finance Act 2018
  • EU’s list of non-cooperative jurisdictions updated
  • Offshore tax liabilities – criminal offences
  • Making tax digital (MTD) - HMRC directions for participants

Private client

  • Spring Statement – consultation on entrepreneurs’ relief on gains before dilution
  • UK tax legislation changes as a consequence of the Scottish Budget resolutions
  • HMRC’s decision on Eclipse LLPs and interest payments
  • A review of the ISA regime
  • Notice of enquiry valid even if only received by agent

Trust, estates and IHT

  • Review of charity tax treatment

PAYE and employment

  • Taxation of self-funded work-related training
  • Contribution to SIPP of assets in satisfaction of debt

Business tax

  • Consultation on EIS fund for knowledge-intensive companies
  • Extension to CT and CIS of the existing security deposit legislation
  • Government updates its position paper on CT and the digital economy
  • CGT Company reacquisition of shares at an undervalue fails to generate a CGT loss
  • Company limited by guarantee cannot be a qualifying subsidiary of an EIS company
  • Investor loyalty payments paid by a platform provider not annual payments
  • EU proposes digital turnover tax

VAT

  • Construction of a garden wall fails to qualify the sale of land for zero rating
  • Infraction proceedings regarding the Terminal Markets Order (TMO)
  • VAT consultation on VAT registration threshold
  • VAT consultation on ‘split payments’
  • Different VAT rates for printed and digital newspapers

DISCLAIMER
By necessity, this briefing can only provide a short overview and it is essential to seek professional advice before applying the contents of this article. This briefing does not constitute advice nor a recommendation relating to the acquisition or disposal of investments. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Details correct at time of writing.

Disclaimer

This article was previously published on Smith & Williamson prior to the launch of Evelyn Partners.