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

This month’s UK tax tidbits

  • A Statutory Instrument increasing the CGT annual exemption to £11,700 for individuals and personal representatives and £5,850 for trustees of settlements for 2018/19 has been published.
  • The Soft Drinks Industry Levy Regulations 2018 have been published.
  • HMRC’s guidance on the soft drinks industry levy, which came into operation in April 2018, has been updated.
  • A number of sets of regulations to implement Welsh devolved taxes have been published: The Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 (Commencement No. 2) Order 2018, The Landfill Disposals Tax (Wales) Act 2017 (Commencement No. 2) Order 2018 and The Tax Collection and Management (Wales) Act 2016 (Commencement No. 2) Order 2018.
  • HMRC has updated the list (List 3) of professional bodies and learned societies, approved by HMRC for the purpose of section 344 ITEPA 2003 (allowable deductions from earnings for fees and subscriptions paid to professional bodies/learned societies). The list includes all bodies approved up to October 2017.
  • An updated list of upcoming tax tribunal appeal hearings, including details of previous cases has been published.
  • The form to authorise an adviser to deal with the High Income Child Benefit Charge has been updated.
  • The Government announced in a House of Commons debate on 13 March 2018 that the deadline for new applicants to access the tax and national insurance relief offered through childcare vouchers will be extended by six months. As a result, parents now have until the beginning of October 2018 to sign up for childcare vouchers (if they have not done so already).
  • PAYE draft forms: P11D and P11D Working Sheets (2017 to 2018) have been updated.
  • HMRC’s Secure Electronic Transfer service, a secure way to exchange bulk information with HMRC online, is being replaced by the Secure Data Exchange Service.
  • HMRC has updated guidance on creative industry tax reliefs by including a new section covering museums and galleries.
  • HMRC has issued Revenue and Customs Brief 6 (2017) to provide information on how it will treat claims for VAT refunds by local authorities following the Court of Justice judgment in London Borough of Ealing which was handed down on 13 July 2017.
  • SI 2018/9 amends SI 1999/2975 to reflect amendments to corporation tax group relief claims for carried forward losses.
  • HMRC have announced that the deadline for making R&D claims for certain reimbursed expenses have been extended from 31 January 2018 to 30 April 2018.