The Chartered Institute of Taxation (CIOT) and its Low Incomes Tax Reform Group (LITRG) have welcomed the Government’s announcement today that they will legislate in 2017 to remove the disproportionate tax charges that arise from partial surrenders of life insurance investment policies.1 The change will mean that applications can be made to HM Revenue and Customs (HMRC) to have the charge recalculated on a just and reasonable basis.
The Chartered Institute of Taxation (CIOT) in Scotland has welcomed the Chancellor’s announcement to abolish the Autumn Statement, and move the Westminster Budget from spring to autumn, but warned of its implications for the ongoing budget review process in Scotland.
The Chartered Institute of Taxation (CIOT) has concerns over fairness and complexity following the Chancellor’s announcement to tax as cash income all benefits-in-kind received through salary sacrifice, but welcomes the transitional rules for existing salary sacrifice arrangements.
The Chartered Institute of Taxation (CIOT) has welcomed today’s announcement of a review into Research and Development (R&D) tax credits, but has stressed that the review must be wide-ranging if the R&D framework is to work effectively for small businesses.
The Chartered Institute of Taxation (CIOT) has welcomed the Chancellor’s confirmation that he will stick with the plans he inherited for corporation tax. But some of the adverse changes still create unexpected costs for business, and the pace adds to the risks of business uncertainty at the current time.
The tax implications for Scotland of leaving the EU are ‘detailed and complex’ and could have significant consequences for Scottish businesses and taxpayers, the body representing the country’s tax professionals has warned MSPs.