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

  • An updated list of upcoming tax tribunal appeal hearings, including details of previous cases has been published
  • Guidance on the changes to the ‘generally accepted accounting practice’ used to prepare financial statements has been published
  • Use the DTTP1 to apply for a Double Taxation Treaty passport
  • The factsheet about the higher penalties that HMRC may charge for income tax, capital gains tax and inheritance tax when an offshore matter is involved has been updated
  • The Finance Act 2015, Section 20(2) and (3) and the Finance Act 2016, Section 173(1) (Appointed Days) Regulations 2016 have been published. These regulations appoint 14 November 2016 as the date from which new record keeping and information requirements and penalties will be imposed on charities and intermediaries. They also appoint 6 April 2017 as the date on which the definition of a qualifying donation for Gift Aid purposes will be amended to cover gifts made through intermediaries.
  • HMRC have updated their Automatic Exchange of Information manual with some clarifications on the notification requirements for controlled persons overseas.
  • HMRC have updated their guidance on research and development (R&D) tax relief for small and medium sized enterprises (SME R&D tax relief) to highlight that if they receive more than €500,000 a year in SME R&D tax relief (a form of State Aid), certain details will be published annually on the European Commission website.
  • HMRC have published their response to the consultation Employee Share Schemes: NIC elections
  • Panama has joined the Inclusive Framework on BEPS
  • HMRC have published draft legislation for consultation which amend the Individual Savings Account Regulations to establish Lifetime ISAs
  • The Business, Energy and Industrial Strategy Committee have launched an inquiry into the future world of work, focusing on the rapidly changing nature of work, the status and rights of agency workers, the self-employed, and those working in the ‘gig economy’. The inquiry also looks at issues such as low-pay and poor working conditions for people working in these non-traditional worker roles. The deadline for submissions to the inquiry is 19 December 2016.
  • HMRC have published the results of research on the use of third party information, namely bank and building society savings interest data, in updating tax codes