Technical News

 


Revenue clarification on interpretation of SI 2003/2815 The Tax Credits (Miscellaneous Amendments No.2) Regulations 2003. On 5 November 2003 SI 2003/2815 The Tax Credits (Miscellaneous Amendments No.2) Regulations 2003 were laid before Parliament, coming into force on 26 November 2003. Amongst other things these regulations provide for the carry forward of surplus trading losses for tax credit purposes.

November 2003 update on the work of the Technical Committee since October 2003. A. GENERAL

October 2003 update on the work of the Technical Committee. A. GENERAL

Small businesses

Following a joint meeting with the Revenue, Customs & Excise and the DTI in July, we are participating in further discussions regarding possible proposals to help small businesses.

Notification of changes of circumstances and renewals. This article by Liz Lathwood, technical officer for personal taxes at the CIOT, also appeared in the October 2003 issue of Tax Adviser. 

May 2003 update on the work of the Technical Committee. GENERAL

Money laundering
Representatives of the Standards Committee working party on money laundering and representatives from the ICAEW attended a meeting with the Inland Revenue on 22 April 2003 to discuss the impact of the draft money laundering regulations. Charles Barcroft attended as an observer – something of a dry run for future discussions with Customs and Excise.

Annotated extract from Inland Revenue company taxation manual by John Cullinane and John Lindsay of the CIOT Corporate Tax Sub-Committee The Chartered Institute of Taxation (CIOT) has recently had discussions with the Inland Revenue regarding the guidance issued by the Inland Revenue on 24 April 2002 on the possible application of paragraph 13 of Schedule 9 to the Finance Act 1996 (FA 1996)(Loan relationships for unallowable purposes). In the light of these discussions the CIOT has issued a guidance note for its members.