Technical News

 


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.

The CIOT's representations on the Finance Bill published on 16 April 2003 were submitted today to the revenue departments, Ministers and MPs on the Standing Committee on the Finance Bill. EXECUTIVE SUMMARY

Re foreign income, IR35, termination payments, strikers, mileage allowances: the Chartered Institute of Taxation (CIOT) has been in correspondence with the Inland Revenue (IR) following the amendments to the Regulations for new tax credits - as published on the Revenue website on 17 March 2003. We sought clarification in five areas: