Applications for IFTC certificates
The previous government announced the introduction of a new independent film tax credit (IFTC) at Spring Budget 2024. Legislation giving effect to the IFTC was included in Finance (No. 2) Act 2024. Regulations have now been made which:
- appoint 30 October 2024 as the date from which an application for a low-budget certificate may be made; and
- provide further details relating to the conditions which need to be met for a certificate to be issued.
A press release published by the government provides further information.
HMRC encourages taxpayers to 'self-serve'
HMRC has published the top five reasons why people call the self assessment (SA) helpline, and is reminding taxpayers that they can “self-serve to quickly access the information online”:
- I no longer need to complete a SA tax return.
- I need to register for SA.
- Can you tell me if I still have to complete a tax return?
- What's happening with my SA registration?
- What's happening with my SA repayment?
Outstanding SA returns for 2022/23
HMRC is writing to agents with clients who are yet to submit their self assessment tax returns for 2022/23. The agent is asked to contact the relevant clients and to help them file their return as soon as possible. The agent is also asked to make sure the client list in their agent government gateway account is up to date, and to record if a client no longer needs to submit a return.
Support with tax for public bodies
HMRC has published guidance on how public bodies can get technical advice and support from HMRC. Public bodies include: the NHS; housing associations; local authorities; further and higher education institutions; trade unions; and trade or membership associations.
Pensions lifetime allowance abolition
Legislation was included in Finance (No.2) Act 2023 and Finance Act 2024 to abolish the pensions lifetime allowance. Regulations have now been made to make what are described as “technical and consequential changes necessary to ensure the correct operation of the pensions tax regime following the abolition of the lifetime allowance”.
HMRC's insolvency customer services mailbox
HMRC has completed a full review of the rules of its insolvency customer services mailbox to make sure it is aligned to its charter values. Find out more here.
Appointments to HMRC's board
Mike Bracken and Bill Dodwell have been appointed as non-executive directors to HMRC’s board. Mike will chair the board’s modernisation and reform committee, and Bill its closing the tax gap committee.
Tax Faculty
This guidance is created by the Tax Faculty, recognised internationally as a leading authority and source of expertise on taxation. The Faculty is the voice of tax for ICAEW, responsible for all submissions to the tax authorities. Join the Faculty for expert guidance and support enabling you to provide the best advice on tax to your clients or business.