Technical News

 


As we have previously reported, new rules for foreign domiciliaries and non-UK resident trusts were introduced from April 2017, by Finance (No 2) Act 2017 and Finance Act 2018. The rules contain anti-avoidance provisions but also protections to help settlors of offshore trusts affected by the changes. However, there is a technical defect in the legislation, relating to offshore income gains, which could cause serious problems. 

Revenue Scotland has updated its guidance to reflect the changes resulting from the Land and Buildings Transaction Tax (Tax rates and Bands etc) (Scotland) Amendment Order 2018 which was approved by the Scottish Parliament on 23 January 2019.

HMRC have asked us to draw attention to their following notice about forthcoming Talking Points meetings.

LATEST – HMRC have announced that this issue has now been fixed.  An update was posted on the Agent Forum on 28 January, which says the following:

“HMRC can confirm that a fix was implemented at the end of last week. The same info previously supplied regarding correction of accounts still applies. The accounts of anyone affected should be corrected and an amended SA302 issued, and for anyone filing after its implementation the issue should not arise. In the meantime, if an agent contacts the Agent Dedicated Line (ADL), HMRC will correct their account for them”. 

HMRC has provided us with the attached update in relation to its digital services.

HMRC have asked us to draw attention to their following notice about forthcoming Talking Points meetings.

There has been a recent development regarding the trust protection rules and offshore income gains, which may be relevant for 2017/18 tax returns. 

HMRC has recently announced that the pilot for Making Tax Digital for VAT has now been opened to VAT Groups.

HMRC have asked us to draw attention to their following notice about forthcoming Talking Points meetings.

HMRC have asked us to draw attention to their following notice about forthcoming Talking Points meetings.