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MTD for individuals
MTD for individuals is centred around the Personal Tax Account (PTA) which already has many of the services needed by PAYE taxpayers. HMRC continues to improve and develop the PTA.
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Practical points: personal tax January 2024
Every month, the Tax Faculty publishes short, practical pieces of guidance to help agents and practitioners in their day-to-day work. This month covers capital gains tax; income tax; and residence and domicile.
Capital gains tax
Exclusive
Working out the date of disposal isn’t always child’s play
- Article
- 30 Apr 2024
How do you determine when an asset was sold when there is no formal documentation? Stephen Relf looks at a recent tax case where the First-tier Tribunal had to do just that.
Consider using the real-time CGT service to report gains
- Article
- 23 Apr 2024
ICAEW’s Tax Faculty is reminding taxpayers that HMRC's real-time service can be used to report capital gains outside of self assessment, including gains on cryptoassets.
Tax news in brief 17 April 2024
- Article
- 16 Apr 2024
Highlights from the broader tax news for the week ending 17 April 2024, including: how Labour intends to close the tax gap; a change to the form for reporting a residential property gain; and new HMRC guidance for employers on giving foreign tax relief.
The joy of giving
- Article
- 15 Apr 2024
There have been several cases heard in the Tax Tribunal relating to the values to be ascribed to shares in small public companies that have been gifted to charity. These companies have normally been launched onto the AIM market or the Channel Islands Stock Exchange (CISX) relatively shortly before the gifts are made. Examples of such cases in the public domain include N Green and HMRC (Chartersea plc), J Netley and HMRC (Frenkel Topping Group plc), McArthur and Anor and HMRC (Baa Bar Group plc), Nice, Robinson and HMRC (Mount York) and Close, Nuttall and HMRC (Readybuy plc). These cases cover ...
Income tax
Exclusive
How to prepare for mandatory payrolling of benefits in kind
- Article
- 06 Jun 2024
HMRC has announced that employers must payroll benefits in kind from April 2026. In this article, Michael Nicolaides and Kym Wise consider what we do and do not know about HMRC’s plans, and how employers can begin to prepare for the changes.
Tax news in brief 29 May 2024
- Article
- 29 May 2024
Highlights from the broader tax news for the week ending 29 May 2024, including: new advisory fuel rates; an issue affecting non-resident companies filing tax returns; and an update on refunds of voluntary Class 2 NIC.
Technical round-up: May 2024
- Article
- 29 May 2024
This month’s top stories include a HMRC warning about VAT bank details fraud; an NAO report showing taxpayers have been let down by poor HMRC service; and HMRC rejecting the ‘brightline’ test for furnished holiday lets.
HMRC asks wealthy taxpayers to submit late returns
- Article
- 28 May 2024
HMRC is writing to wealthy taxpayers who are late in submitting income tax self assessment (ITSA) returns for 2020/21 and 2021/22 to do so by 12 July 2024.
Inheritance tax
Exclusive
Clarity on the tax treatment of land held in environmental schemes
- Article
- 05 Apr 2024
It seems a long time ago that the consultation on the taxation of environmental land management schemes was launched. The consultation period ended in June and, after what must have been considerable contemplation, a response was issued within the appendices to the March 2024 Budget.
New guidance on applying for help with paying IHT
- Article
- 02 Apr 2024
HMRC has published guidance on applying for a grant on credit and on recent updates to tax rules and processes relevant to trusts and estates.
Tax news in brief 24 January 2024
- Article
- 23 Jan 2024
Highlights from the broader tax news for the week ending 24 January 2024, including: time to pay arrangements; preparing for changes on moving goods from Ireland to Great Britain; HMRC research on VAT penalty reform; insolvency guidance on operating PAYE; and updates to the process for applying for probate.
Trusts – their use in Personal Financial Planning
- Article
- 23 Jan 2024
An explanation of the role of trusts in personal financial planning.
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Pensions
HMRC publishes over 100 FAQs on lifetime allowance abolition
- Article
- 29 Apr 2024
HMRC has published an update for pension scheme administrators on a range of issues, including the abolition of the lifetime allowance (LTA).
HMRC publishes extra guidance on lifetime allowance abolition
- Article
- 09 Apr 2024
HMRC has published additional guidance for pension scheme administrators on a range of issues, including the abolition of the lifetime allowance.
Exclusive
Ways to tackle tax threshold unfairness
- Article
- 04 Apr 2024
Patricia Mock and Sally Campbell, co-authors with Bill Dodwell of a recent Tax Law Review Committee discussion paper, consider a range of principles to help inform future tax policy.
New guidance on applying for help with paying IHT
- Article
- 02 Apr 2024
HMRC has published guidance on applying for a grant on credit and on recent updates to tax rules and processes relevant to trusts and estates.
Property tax
Tax news in brief 5 June 2024
- Article
- 05 Jun 2024
Highlights from the broader tax news for the week ending 5 June 2024, including: HMRC publishes guidance on the abolition of multiple dwellings relief; an update on the VAT refund scheme for museums and galleries; and the Scottish visitor levy has been passed.
Finance (No. 2) Act 2024 receives Royal Assent
- Article
- 28 May 2024
Some of the changes announced at the Spring Budget 2024 have now become law, including an increase in the thresholds for the high income child benefit charge for 2024/25.
HMRC rejects ‘brightline’ test for furnished holiday lets (FHLs)
- Article
- 13 May 2024
In response to ICAEW’s letter on the abolition of the FHL regime, HMRC has confirmed that the boundary between property letting and trading will be judged on the facts and by reference to case law.
ICAEW technical round-up: April
- Article
- 30 Apr 2024
This month’s top stories include community amateur sports clubs asked to check their status; MTD ITSA private beta testing relaunched; and tax administration and maintenance day summary.
Residence and domicile
Tax news in brief 01 May 2024
- Article
- 30 Apr 2024
Highlights from the broader tax news for the week ending 1 May 2024, including: an opportunity to give your thoughts on the non-dom changes; new legislation affecting building societies and individuals involved in the UEFA Champions League final; and changes to HMRC’s guidance for tour operators.
Saqib Bhatti MP: digital identity verification on way
- Article
- 29 Apr 2024
Following ICAEW’s Manifesto call for the UK to develop the skills to lead on AI, Saqib Bhatti MP discussed the government’s technology priorities in a conversation with CEO Alan Vallance.
ICAEW technical updates: March 2024
- Article
- 26 Mar 2024
This month’s top stories include Spring Budget announcements, HMRC halting the decision to restrict helplines, and more guidance on the lifetime allowance abolition.
Draft legislation published for some Spring Budget 2024 measures
- Article
- 18 Mar 2024
The Spring Finance Bill contains legislation which increases the thresholds for the high income child benefit charge and abolishes multiple dwellings relief for SDLT.
Non-dom regime replaced by foreign income and gains regime
- Article
- 06 Mar 2024
In the Spring Budget, the Chancellor announced that the current remittance basis of taxation will be abolished for UK resident non-domiciled individuals from 6 April 2025 and replaced by a new four-year foreign income and gains (FIG) regime.
A pre-election Budget lacking in rabbits or hats
- Article
- 06 Mar 2024
An extension of full expensing to leases is welcome news for businesses in a Budget that delivers nothing unexpected.
Savings and investments
Insider dealing: August Equity’s MBO of StarTraq
- Article
- 10 May 2024
Carefully studying the opportunity in a niche sector has paid dividends for August Equity in the past. Investment partner Mickey Patel discusses the firm’s latest move into public sector software-as-a-service.
Employers, directors and shareholders to give HMRC more information
- Article
- 19 Mar 2024
Draft regulations require employers to provide more details of employees’ hours to HMRC. Additionally, shareholders will need to provide details of close company shareholdings and dividends.
HMRC prompts disclosure of dividend income
- Article
- 05 Feb 2024
HMRC has written to company owners who it believes may have failed to declare dividend income.
Autumn Statement: the tax changes that didn’t make the headlines
- Article
- 29 Nov 2023
ICAEW’s Tax Faculty scans the Autumn Statement documents for other tax-related announcements. Various tax measures can be found in the Overview of tax legislation and rates, the Autumn Statement, and updated Tax information and impact notes.
Trusts
ICAEW supports reform of the trust registration service
- Article
- 26 Jun 2024
Having a de minimis level for registration should benefit small trusts that do not fit any of the existing exemptions, but only if the proposed de minimis criteria are appropriate.
Tax news in brief 29 May 2024
- Article
- 29 May 2024
Highlights from the broader tax news for the week ending 29 May 2024, including: new advisory fuel rates; an issue affecting non-resident companies filing tax returns; and an update on refunds of voluntary Class 2 NIC.
Exclusive
Practical points: personal tax May 2024
- Helpsheets and support
- 01 May 2024
Every month, the Tax Faculty publishes short, practical pieces of guidance to help agents and practitioners in their day-to-day work. This month covers capital gains tax; income tax; and trusts.
Capital gains tax: Treaty residence, trusts and unpublished decisions
- Helpsheets and support
- 04 Apr 2024
The Upper Tribunal has dismissed the taxpayers’ appeal in the capital gains tax case Haworth and others v HMRC. The case involved the use of a ‘round the world’ scheme, involving overseas family trusts...
New guidance on applying for help with paying IHT
- Article
- 02 Apr 2024
HMRC has published guidance on applying for a grant on credit and on recent updates to tax rules and processes relevant to trusts and estates.
Trust transparency measures ‘need more thought’
- Article
- 26 Feb 2024
ICAEW urges the government to rethink its approach on improving transparency for land-holding trusts.
Exclusive
Changes to the rules for low-income trusts and estates
- Article
- 02 Feb 2024
Mei Lim Cooper looks at some of the useful changes made by Finance (No. 2) Act 2023 to simplify the rules for trusts and estates. Most of the measures take effect from 6 April 2024.
Trusts – their use in Personal Financial Planning
- Article
- 23 Jan 2024
An explanation of the role of trusts in personal financial planning.
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