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

UK Tax tidbits

Developments of interest are as follows

  • HM Treasury have added several new countries to the list of countries that have committed to the initiative to automatically exchange information on beneficial ownership
  • HMRC have published a new spotlight on an Entrepreneurs’ Relief (“ER”) tax avoidance arrangement that seeks to turn income into capital gains upon which ER can be claimed
  • The introduction of the Apprenticeship Levy has moved a step closer with the publication of draft legislation
  • Overseas online retailers must pay UK VAT on items they sell which are stored within the UK at the point of sale. The marketplaces they use can be held liable for the online sellers’ VAT. HMRC have now issued guidance on the above
  • HMRC have released guidance on tax avoidance, including information on what it is, what can happen if you enter into a tax avoidance scheme and how to get help to settle your tax affairs
  • The HMRC capital v revenue expenditure toolkit has been updated
  • Updated help and guidance on providing employee childcare, including exemptions and qualifying conditions is available
  • The guidance on how to decide when you should use a particular version of a taxonomy has been updated
  • Draft legislation for a technical consultation on consequential amendments for the taxation of corporate debt and derivative contracts has been published
  • HMRC have published a summary of responses received to their consultation into a new corporate offence of failure to prevent the criminal facilitation of tax evasion
  • The Capital Allowances Act 2001 (Cars Emissions) Order 2016 has been published, extending the first-year allowance for cars with low carbon dioxide emissions for a further three year period ending on 31st March 2021. It also reduces the qualifying emissions threshold for the first-year allowance from 75 grams to 50 grams per kilometre driven and reduces the qualifying emissions threshold for the main rate allowance from 130 grams to 110 grams per kilometre driven, in relation to expenditure incurred on or after 1 April 2018