Management of Taxes

 


In response to questioning from the House of Lords Economic Affairs Committee the Financial Secretary revealed that he would shortly be announcing 'clarifications' to the loan charge, including a commitment that HMRC will not apply the loan charge to a tax year which was closed on the basis of fully disclosed information.

This update provides some background to and information about HMRC’s letters and some guidance to help members decide the most appropriate way to respond if a client receives one of the letters.

The CIOT comments sent to HMRC on the call for evidence Electronic sales suppression.

It was a quiet statement on the tax front. These are our main quick observations.

The CIOT response to the HMRC call for evidence on Amendments to Tax Returns.

MPs on the Finance (No.3) Bill public bill committee debated and agreed the final clauses (clauses 79-92) of the Bill on the morning of Tuesday 11 December. This included consideration of clauses 79 and 80 (offshore time limits).

Second and final day of Finance Bill Committee of Whole House, debating clauses, new clauses and amendments about gaming duty and fixed odds betting terminals, and tax avoidance and evasion. The government accepted opposition proposals and made its own amendments.

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.

The House of Lords Economic Affairs Committee Finance Bill Sub-Committee are holding an oral evidence session on Draft Finance Bill 2018 with representatives from HMRC. The CIOT are liveblogging the session from 4pm today (Mon).

The CIOT comments on the House of Lords Economic Affairs Finance Bill Sub-committee Inquiry on the draft Finance Bill 2018.