Technical News

 


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

On Budget Day, the Chancellor announced that two additional conditions would be introduced to the definition of “personal company” for the purposes of Entrepreneurs’ Relief (ER). The tests take effect from 29 October 2018, and are intended to ensure that an individual benefiting from ER on a sale of shares has a material stake in the company. The two new tests are included within paragraph 2, Schedule 15 of Finance (No. 3) Bill. They require the individual to have a 5% interest in both the distributable profits and net assets of the company through the one year (increasing to two year) period prior to disposal.

HMRC has recently announced that the pilot for Making Tax Digital for VAT has now been opened to partnerships and users of the VAT Flat Rate Scheme. 

HMRC recently announced that a number of businesses who would otherwise need to comply with the requirements of Making Tax Digital from 1 April 2019 would be deferred until 1 October 2019. 

This briefing draws to members’ attention another possible technical interpretation of the application of protected trust status to offshore income gains.

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.

HMRC have published their latest Agent Update.

Revenue & Customs Brief 12/18 – HMRC publish guidance on the changes to 13th Directive claim 'Certificates of Status', including a 3 month extension for certificates for 2018 claims (though not for the claim itself).