Capital Gains Tax and Investment Income


The CIOT FB18-19 representations to the public bill committee.

MPs resumed debate and passed clauses 7 on Optional remuneration arrangements, 11 about beneficiaries of tax-exempt employer-provided pension benefits, 12 which related to employment and social security income and clauses 13 which dealt with tax treatment of sales of UK land by non-UK residents. All Opposition amendments were defeated. There were regular mentions of the CIOT/IfG Better Budgets report which Labour used to criticise the Government's approach to this Finance Bill. The Public Bill Committee will begin the next session on Thursday on clause 14, which covers disposals of UK land and payments on account of capital gains tax.

Briefings from the CIOT on Finance (No3) Bill.

Finance Bill (No.3) began its committee stage today with two days of Committee of the Whole House scheduled for today and tomorrow. The clauses debate today focused on tax thresholds and reliefs and on Brexit.

HMRC has provided comments on the Q&As relating to mixed fund cleansing. 

The minutes of the Capital Taxes Liaison Group on 12 January 2017 (see here) include the following extract:

The CIOT comments sent to HMRC on FB 2018-19 Clause 6 Schedules 1-2 Disposal of assets by non-UK residents and payments on account.

The CIOT comments sent to HMRC on FB 2018-19 Clause 15 Entrepreneurs' relief - company ceasing to be individual's personal company.

Following discussions between CIOT and HMRC over the last few months, HMRC have made some changes to their guidance in the Company Taxation Manual on the Targeted Anti-Avoidance Rule (TAAR) contained in s396B ITTOIA 2005.  

Correspondence with HMRC in 2012 in relation to a payment or transfer pursuant to a court order.