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

  • It has been announced that the House of Lords Finance Bill sub-committee are to inquire into the Making Tax Digital proposals and after hearing evidence from affected small businesses and landlords, will issue a report by the end of March
  • HMRC have published revised guidance preventing any transfer pricing discussions with taxpayers outside Advance Pricing Agreements or enquiries
  • Starting in January 2017, some taxpayers calling the Self-Assessment helplines will be able to enrol for voice identification, a move aimed at speeding up the security steps when calling HMRC
  • HMRC have published an overview of the ‘digital support’ which is available to small business
  • An updated list of tax avoidance schemes on which users may be charged an accelerated payment has been published
  • The list of overseas corporate lenders who are recognised passport holders has been updated
  • The guidance on understanding what HMRC’s Share and Assets Valuation Division does, what it bases its valuations on and the type of information you’ll need to give to value your assets has been updated
  • Draft legislation increasing the cash basis to a fixed amount of £150,000 and the exit threshold to twice the entry threshold has been published. Details of a new draft measure replacing a general prohibition on deductions for capital expenditure in calculating taxable profits using the cash basis was also published. A measure amending and inserting provisions relating to the calculation of the profits of a property business was also published.