Management of Taxes


The Chartered Institute of Taxation (CIOT) responds to the consultation document which sets out HMRC’s current thinking and approach to interpreting DAC6.

Part of an occasional series in which CIOT tax experts explain the background to topical issues

HMRC has asked us to share the attached information in relation to “Help to Save”, which is an HMRC savings scheme for people on low incomes who are in receipt of Tax Credits or Universal Credit. It gives a bonus payment from the government of 50p for every £1 on savings paid into the account over a 4 year period.

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.