TaxSource Total

Here you can access summary of the key current tax developments in Ireland, the UK and internationally as reported by Chartered Accountants Ireland

The report of key tax developments are displayed per year, per month, by Ireland, the UK or International and by report title

Government launches new debt collection company

The Government has announced that a new company – Integrated Debt Services Limited – jointly owned by the government and TDX Group, an Equifax company, will provide a single point of access to a wide range of debt management and collection services for a number of government departments and the wider public sector in 2015. The service will initially be available to six departments including HMRC.

The Cabinet Office has been responsible for development this new service however details of how the company will operate are currently scant. The press release says the new company “will use a range of proven and effective debt management services to support debt recovery with a focus on increasing returns, while using detailed analytics so that individuals are treated appropriately and fairly. It will provide government with the ability to access best-value private sector knowledge and expertise and departments are expected to sign call off agreements early in 2015.”

It is not yet known if this new company will also be responsible for enforcing the proposed Direct Recovery of Debt powers which it is intended will be legislated for in a Finance Bill in 2015, during the next Parliament.

Recently opened consultations

A number of new consultations were opened towards the end of last month.

Fiscal reform of the UK Continental Shelf: consultation on an investment allowance

At Autumn Statement 2014, the government announced its intention to consult on a basin-wide investment allowance, to simplify and replace the existing system of offshore field allowances. The allowance aims to reward investment in existing and new fields as well as associated infrastructure. This paper launches the consultation which closed on 23 February 2015.

Orchestra tax relief

The Chancellor announced at Autumn Statement 2014 that the government will introduce a new tax relief for orchestral performances. This consultation, which closed on 5 March 2015, sets out the details of the proposed tax relief and seeks views in key areas of its design.

This new tax relief will recognise the artistic importance and cultural value of British orchestras. Its objective is to support orchestras so they can continue to perform for a wide range of audiences. This new relief will be available from April 2016.