Technical Updates

Technical updates

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technical updates

In-depth analysis of the issues facing our private clients, entrepreneurs and their businesses.

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07 November 2017

Requirement to Correct and the Worldwide Disclosure Facility

Within the original draft Finance Bill 2017 were provisions related to the ‘Requirement to correct certain offshore non-tax compliance’.  Subsequently, these provisions were deleted from that draft Bill due to the snap General Election on 8th June 2017, but they have been reinstated as Schedule 18 in the draft Finance Bill 2017-19, currently at Committee stage in…
Compliance Non-Dom Personal taxes Technical updates
17 August 2017

BPR on Furnished Holiday Lets

Many rural landowners looking to diversify their business interests have considered converting property for use as furnished holiday lets. In addition to potentially increasing the property’s yield, particularly if located in a tourist hotspot, there can be valuable tax advantages if the business is sufficiently engaged with the customer experience and goes significantly…
Inheritance tax Property Technical updates
31 July 2017

Making Tax Digital - July 2017 Update

This update concerns the significant changes to the timing of Making Tax Digital (‘MTD’) announced in July 2017. For more detailed background information, please see our MTD March 2016 update which is available on our website. 
Business taxes Personal taxes Technology Technical updates
24 July 2017

Charity Governance Code

On 13 July 2017, an updated version of the Charity Governance Code was published by the Charity Governance Code Steering Group. This replaces the Charity Commission’s previous publication, “The Hallmarks of an Effective Charity”, published in 2008.  The Charity Governance Code can be found at the following address: …
Charity Technical updates
18 July 2017

Charities Update - July 2017

Subscription charges are usually standard rated (i.e. subject to VAT at 20%). However, if little or nothing is received in return for the subscription fee, it may be treated as a donation and would be outside the scope of VAT.   Membership subscriptions to charities often include a principal benefit to which all other benefits are supplementary. In such cases the…
Charity Technical updates
18 July 2017

Offshore Life Insurance Bonds

Offshore life insurance bonds are a popular investment wrapper, usually involving the payment of a single premium which is used to fund an investment portfolio. They are particularly popular among French expats (they are known as “assurance vie”) as they offer tax advantages and more flexible inheritance rules in France.
Non-Dom Personal taxes Technical updates
17 July 2017

Reform of the Non-Dom Regime - July 2017 Update

Note: The government finalised the reform of the non-dom regime, and this was part of the second Finance Act of 2017 which gained Royal Assent on 16 November 2017 - please see our technical update “Reform of the non-dom regime – Summary”.
Non-Dom Technical updates
22 June 2017

Annual Tax on Enveloped Dwellings

High value UK residential properties occupied by non-domiciliaries have been acquired within a company structure for a variety of different reasons, often for reasons such as privacy or to manage exposure to UK inheritance tax.  The Government introduced new rules with effect from 1 April 2013 to counter perceived (Stamp Duty Land Tax) avoidance resulting from…
Business taxes Non-Dom Property Technical updates
16 June 2017

Serial Tax Avoidance Regime (‘STAR’)

On 15 September 2016, new rules came into force in relation to ‘serial tax avoiders’. These rules mean that it may be in the best interests of taxpayers who have used (or are using) tax avoidance schemes to declare to HMRC the use of and leave those schemes as quickly as possible. Tax avoidance schemes that count towards serial tax avoidance status are: Schemes…
Compliance Technical updates
07 June 2017

Directors’ Loans - Optional Interim Relief for Small Entities

Small entities fell within the scope of FRS102 for accounting periods commencing on or after 1 January 2016. Under FRS102, a notional interest charge, based on a market rate, had to be calculated and recognised in the profit and loss account where the terms of non-fixed term loan were not at an arm’s length price. The terms of loans from directors are commonly at a non-…
Business taxes Technical updates
08 May 2017

Legal Entity Identifiers

UK investment management firms currently have to comply with a piece of legislation known as The Markets in Financial Instruments Directive (MiFID). Introduced in November 2007, it sought to improve the competitiveness of financial markets within the European Union by creating a single market for investment services and activities, and to ensure a high degree of…
Compliance Technical updates
20 April 2017

UK Tax Data Card 2017/18

Please download the pdf to view the UK Tax Data Card 2017/18.
Tax data card Technical updates