Revenue news

New website

On Monday 18 April 2005, the new HM Revenue & Customs website, www.hmrc.gov.uk, was launched. This combines the information and online services previously on www.inland revenue.gov.uk and www.hmce.gov.uk.
Redirects are in operation to ensure a smooth transition for all users to the new HMRC website.

Pension treaty

The UK and US authorities have reached a mutual agreement on the qualification of certain UK pension arrangements for treaty benefits under para 3(b) of article 10 (dividends) of the convention between the US and the UK for the avoidance of double taxation with respect to taxes on income signed at London on 24 July 2001. This constitutes a mutual agreement in accordance with para 3 of article 26 (mutual agreement procedure).
(Inland Revenue news release, 13 April 2005.)

SDLT and FA 2005

FA 2005 contains some, but not all of the stamp duty land tax measures from the original Finance Bill. The Revenue has published a note explaining the status of the various measures.
The increase in the threshold for residential transactions from £60,000 to £120,000 has been included as FA 2005, s 95 and will have effect as announced, that is, for land transactions the effective date of which was on or after 17 March 2005.
The withdrawal of disadvantaged areas relief on non-residential transactions has also been included in the Act as s 96 and Sch 9. It will have effect for land transactions the effective date of which was on or after 17 March 2005, subject to transitional provisions for some contracts entered into on or before 16 March 2005.
The extension of reliefs for alternative property finance is included as s 94 and Sch 8, and will have effect for land transactions where the effective date of the 'first transaction' is on or after 7 April 2005.
Budget Resolution 46 gave provisional statutory effect under the Provisional Collection of Taxes Act 1968 to a number of miscellaneous amendments to the legislation governing stamp duty land tax. However, FA 2005 does not contain any provisions giving effect to this resolution, thus the resolution ceased to have statutory effect when Parliament was prorogued on 7 April 2005. Taxpayers who have paid tax as a result of Budget Resolution 46 may, strictly speaking,  be due repayment, and can contact: Complex Transactions Unit, Manchester Stamp Office, Upper 5th Floor, Royal Exchange, Exchange Street, Manchester M2 7EB. However, the release also quotes from speeches made during the Finance (No 2) Bill debate from all three major parties which indicate that Finance (No 3) Bill will reinstate these provisions from budget day as originally announced. 
(www.inlandrevenue.gov.uk)

Issue: 4004 / Categories: