Technical News

 


Further directions issued today by the President of the First-tier tax tribunal, Judge Sinfield, to the Tax Chamber and Tribunal users extending, in relation to certain proceedings, the general stay of all proceedings released on 24 March (as amended and released on 26 March).

HMRC have provided the CIOT with information regarding an educational campaign that was commenced by their Wealthy and Mid-Sized Business Compliance Unit in March 2020. A letter was sent by HMRC on 12 March to a sample of taxpayers who subscribed for Venture Capital Trust (VCT) shares and claimed income tax relief on the subscription in their 2015/16 self-assessment (SA) tax returns. The letter provides information about their income tax obligations regarding VCTs and the circumstances in which the income tax relief given may need to be withdrawn. A copy of the letter was sent to the taxpayer’s agent where HMRC identified that the individual was represented by an agent.

In light of the COVID-19 pandemic, the CIOT has produced this introductory guide to Statutory Sick Pay (SSP), which includes details of how the rules should be applied in relation to COVID-19.

In response to our query to HMRC on the impact of COVID-19 on the letters HMRC have been sending to taxpayers with offshore assets, income or gains (which are based on information HMRC receive through exchange of information agreements with overseas jurisdictions), we have received the following reply from HMRC.

The Chancellor has written to the Chair of the Treasury Select Committee, Mel Stride to outline temporary changes to the Statutory Residence Test (SRT) for those coming to the country to work on COCID-19 related activity.

On 9 April, HMRC supplied the following update about the impact of COVID-19 on the payment of IHT and how to get IHT forms signed under current circumstances.

Please find below a message from HMRC this morning about COVID-19-related deferral of import VAT and customs duty (can defer payment due next week on 15 April). For affected businesses, urgent action needs to be taken as set out below.

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

HMRC has written to agents in the following terms, in relation to the Coronavirus Job Retention Scheme (CJRS). More information on the CJRS can be found on our COVID-19 technical pages.  

HMRC has produced a fact sheet on the CGT 30-days reporting and payment obligations for UK residents disposing of residential property and for non-UK residents disposing of UK land from 6 April 2020.