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It is time for a general tax amnesty

The Treasury has launched a consultation on the devolution of stamp duty land tax (SDLT) to the National Assembly for Wales, following recommendations by the Silk Commission.

The UK’s corporate tax set-up “urgently needs reform” to put a halt to the “serious problem of avoidance” it faces, according to a new parliamentary report.

The system’s complexity and inconsistencies with the wider international tax framework undermine the public’s trust by allowing big companies to shift profits between countries in ways that reduce their liabilities in the UK, claims the document from the House of Lords’ Select Committee on Economic Affairs.

Kofteros and another (no 2) (TC2692)

Dates for your diary

Finance Bill committee hearings: a report from behind the sofa

Eclipse Generic Ltd (TC2662)

HMRC are considering further changes to the coding out of debts and underpayments, as part of the department’s efforts to improve the collection of debt.

The Revenue can currently code out debts, PAYE underpayments and self assessment balancing payments of up to £3,000. The limit applies to all taxpayers within PAYE, regardless of their income. The taxman would like to make better use of coding out by allowing larger debts to be collected through PAYE from those with higher earnings. The proposed graduated scale is as follows.

The government is consulting on the withdrawal of relief for interest on loans to purchase life annuities, often referred to as home income plans, taken out by people aged 65 or over before 1999, as recommended by the Office for Tax Simplification in its review of pensioner taxation.

'Amnesty' will offer reduced penalty of 10%

James Hillis (TC2611)

Comprehensive Management Consultants Ltd (TC2652)