Press releases

 


Today’s Budget documentation confirms that the tax treatment of foreign pensions will be changed from 6 April 2017 so that it is more closely aligned with the UK’s domestic pension tax regime.This includes removing the rule under which currently only 90% of foreign pension income is charged to income tax. The LITRG is disappointed that this will mean not only an increased tax charge for affected pensioners but also a potential reduction in support for those who claim tax credits.

LITRG welcomes the announcement today that self-employed businesses (including landlords) with a turnover below the VAT threshold (£85,000 with effect from 1 April 2017) will not now be required to comply with HMRC’s Making Tax Digital (MTD) programme until April 2019.

As anticipated, the Chancellor announced today changes to the taxation of the self-employed by increasing the rate of Class 4 National Insurance contributions (NIC). 

The Chartered Institute of Taxation has praised the Chancellor for delivering a Budget with fewer tax changes1 – and fewer measures in total2 – in it than any Budget or Autumn Statement since at least 2010. It is also the shortest ‘red book’ for any fiscal event since 2010.3

A proposed new 25% tax charge on moving funds overseas from a UK registered pension scheme should have additional exemptions for people who are genuinely moving overseas, says the Chartered Institute of Taxation (CIOT).

The Chartered Institute of Taxation (CIOT) in Scotland has welcomed the Chancellor of the Exchequer’s commitment today (8 March) to consult on the future of late-life oil and gas assets, describing it as “encouraging” for Scotland’s oil and gas industry.

A big cut to the dividend tax allowance announced today by the Chancellor will not achieve the stated objective – and shows the perils of announcing major reforms without thorough consultation, says the Chartered Institute of Taxation (CIOT).

The body representing Scotland’s tax professionals has today (8 March) welcomed the announcement by the Chancellor of the Exchequer in the UK Budget to delay the implementation of digital record keeping for businesses trading below the VAT registration threshold.

With distinctions between employment and self-employment becoming more and more blurred it is time for an open discussion on either removing tax differentials relating to employment status or, if they are to be retained, introducing a statutory employment status test for tax purposes, say tax professionals.

The Chartered Institute of Taxation (CIOT) welcomes today’s announcement by the Chancellor of the Exchequer that, for businesses trading below the VAT registration threshold, the mandatory requirement to maintain digital records and submit quarterly updates will be deferred from April 2018 to April 2019.