Press releases

 


The Chartered Institute of Taxation has commented on the OTS’ publication of its Accounting depreciation or capital allowances? Simplifying tax relief for tangible fixed assets report.

The Chartered Institute of Taxation (CIOT) and Association of Taxation Technicians (ATT) would be concerned at any move to reduce the £85,000 VAT threshold without additional help for businesses to smooth their transition to becoming VAT registered.

The Scottish Government has confirmed that it will introduce legislation clarifying that a tax exemption for businesses transferring ownership of property within a group of companies using shares as financial security has been available since the introduction of Land and Buildings Transaction Tax (LBTT) in 2015.

The CIOT has argued in written evidence to the Treasury Sub-Committee’s Tax Avoidance and Tax Evasion Inquiry that HMRC should direct more resources to tackling illegal tax evasion activity given its persistence in Tax Gap figures, rather than simply pile on legislative changes.

Tax professionals have stressed the need for greater support from HMRC to help businesses get their VAT right and close the VAT gap.

The Low Incomes Tax Reform Group (LITRG) has highlighted that some people on zero hours contracts will not see the full benefit of any premium added to the National Minimum Wage. This is because of knock on deductions in their entitlement to welfare benefits. LITRG is also concerned about how employers would react to such a premium, and has set out its own recommendations on how the Government could better support these vulnerable workers.

In his inaugural speech as President of the Chartered Institute of Taxation (CIOT), Ray McCann will today emphasise the importance of maintaining high professional standards in the tax profession, while also stressing the need for HMRC to show respect for the rights of taxpayers and the role of professionally qualified agents.

The Low Incomes Tax Reform Group (LITRG) welcomes the publication of the first full annual strategy from Sir David Metcalf, the Director of Labour Market Enforcement – especially his recognition of the current problems with HMRC’s tax policing of intermediaries such as umbrella companies. LITRG hopes this report will provide a catalyst for more action by HMRC in this area.

The Low Incomes Tax Reform Group (LITRG) has raised serious concerns to the Government over its plans to extend the time limits for raising a tax assessment on offshore investments. Among those affected will be low income pensioners and migrants, not just the wealthy, LITRG says.

The Chartered Institute of Taxation (CIOT) is highly critical of the Government’s proposal to extend significantly the tax assessment time limits indiscriminately in cases involving offshore matters. The Institute believes that the case for such a large and broadly applied increase has not been made and risks resulting in unfairness for taxpayers and perverse incentives toward the care taken with tax returns.