UK: Winter Economy Plan Released
On 24 September 2020 the Chancellor announced measures contained in the UK government’s Winter Economy Plan. The measures include a new Job Support Scheme, extensions to the Self-Employment Income Support Scheme and the loan schemes, deferrals of
See MoreUK: Autumn Budget postponed
The UK budget that would normally be announced in the autumn will not take place this year. A government spending review will be carried out to establish the level of spending by government departments, but no long-term tax plans will be
See MoreUK: VAT on Early Termination Fees and Compensation Payments
On 2 September 2020 the UK issued Revenue and Customs Brief 12 (2020) in relation to VAT on early termination fees and compensation payments. The previous guidance was that payments charged to withdraw from agreements to receive goods or
See MoreUK: Capital Gains Tax Statistics
On 13 August 2020 HMRC released updated statistics on capital gains tax collection. UK capital gains tax (CGT) is charged on gains realised on the disposal of assets. Types of disposal can include sales, gifts, and exchanges but the death of an
See MoreUK: Statistics on creative industries tax relief
HMRC published updated statistics for creative industries tax relief for 2019/20 on 13 August 2020, showing that GBP 1.11 billion was paid out in tax relief for creative industries in 2019/20. Almost half the relief given related to film tax relief
See MoreUK: Consultation on Extension of R&D Tax Credits to Data and Cloud Computing
On 21 July 2020 the UK government launched a consultation on extending research and development (R&D) tax credits to costs relating to data and cloud computing. Comments are invited by 13 October 2020. R&D tax credits support innovative
See MoreUK: Further Extension of Making Tax Digital
On 21 July 2020 the UK government outlined its plans for extending the digitalisation of tax returns, known as Making Tax Digital (MTD). The plans cover value added tax (VAT), income tax and corporation tax. The government considers that digital
See MoreUK: Strategy Document Outlines Future Development of Tax Administration
On 21 July 2020 the UK government issued a strategy document entitled Building a trusted, modern tax administration system in which it set out a ten-year strategy for a tax administration system that can offer support to taxpayers, increase
See MoreDAC6 Updates: Optional deferral of DAC6 reporting deadlines
On 24 June 2020, the European Council reached agreement on an optional 6-month postponement to the reporting deadlines for relevant taxpayers under EU Directive 2018/822 (DAC6), and a delay to the exchange of information under
See MoreUK: New Financial Institution Notice Introduced
Under legislation included in the Finance Bill 2020/21 a new Financial Institution Notice (FIN) is to be used by HMRC to require financial institutions to provide relevant details about a specific taxpayer. Unlike the previous procedure the new
See MoreUK: Amendments to the Restriction on the Tax Deduction for Interest
On 21 July 2020 the UK published draft legislation to amend the limitation on the interest deduction for corporation tax. This would be part of the Finance Bill for 2020/21. The rules to limit the corporation tax deduction for interest were
See MoreUK: Responses to Call for Evidence on Insurance Premium Tax
On 21 July 2020 the UK published a summary of responses to the call for evidence on changes to the insurance premium tax (IPT). The consultation asked for evidence and views on changes to the administration and collection of IPT; and on how to
See MoreUK: Consultation on Carbon Emissions Tax
On 21 July 2020 the UK issued a consultation document in relation to the detailed operation of a carbon emissions tax. Comments are invited from interested parties by 29 September 2020. Emissions Trading System Under the withdrawal agreement
See MoreUK: Public consultation on hybrid mismatches rule
On 19 March 2020, the tax authority the United Kingdom has issued a consultation document for public comments on the impact of the double deduction rules and the acting together rules within the hybrid and other mismatches regime at Part 6A of the
See MoreUK: Further measures to help individuals and businesses
On 20 March 2020 the UK government announced a further package of measures in response to the health crisis. These are in addition to the measures already announced on 17 March. Coronavirus Job Retention Scheme Employers will be able to apply
See MoreUK: Finance Bill 2020 Published
On 19 March 2020 the UK introduced the Finance Bill 2020 into parliament. In addition to implementing the changes to rates and allowances included in the budget announcements the Bill introduces the digital services tax. The measures in the Finance
See MoreUK: Additional Measures to Support Business
On 17 March 2020 the UK government announced further measures to support businesses hit by the health crisis. In announcing a package worth GBP 20 billion the Chancellor also confirmed that, as a result of government advice to people to avoid
See MoreUK: Budget Announcements for 2020
The UK Budget for 2020/21 was announced on 11 March 2020. Coronavirus - Emergency relief measures As a temporary measure to help business during the COVID-19 outbreak the statutory sick pay (SSP) will be extended to those advised to
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