News

HMRC have launched an online service for overseas scheme managers and UK scheme administrators of qualifying recognised overseas pension schemes (QROPS).

Users of the new offering can notify the Revenue that a scheme is a recognised overseas arrangement, and report payments made out of funds received from a UK pension scheme.

The system also allows managers to notify tax officials of fund value, change to details or status, and additional information required for schemes that were formerly QROPS.

The Treasury has published draft legislation for consultation and future inclusion in Finance Bill 2014.

It relates to measures proposed in past Budgets and provides more detail of announcements made in the autumn statement earlier this month.

Avoidance: partnerships

As announced in the 2013 Budget, and following consultation over the summer, legislation will be introduced to counter avoidance by partnerships. In particular:

Budget 2014

The chancellor will deliver the next Budget on Wednesday 19 March 2014.

The UK will continue to apply the VAT reverse charge for mobile telephones, computer chips and emissions allowances in their current forms for another five years, HMRC have announced.

The news follows the introduction of the reverse charge mechanism in European Directive 2013/43/EU, which also has the effect of extending the period of validity of the UK reverse charge for carbon credits from 30 June 2015 to the end of 2018.

HMRC have confirmed that taxpayers in Scotland with benefit from an income tax break on their pensions at the local rate.

The announcement follows work between the department and pensions industry to identify ways to deliver Scottish basic rate relief through the relief-at-source (RAS) process.

The Scottish rate of income tax (SRIT) is expected to be implemented in April 2016, after being introduced in the Scotland Act 2012.

New PAYE payment booklets for 2014/15 will be issued between 14 December 2013 and 31 March 2014, HMRC have said, with the result that the department will be unable to issue the 2013/14 equivalents.

Requests for a 2013/14 booklet made between 14 December 2013 and 17 January 2014 will be settled by 27 January 2014. Requests made from 20 January 2014 will be handled normally.

Employers who have a payment to make by19 December 2013 and/or 19 January 2014 should use the online facilities to make payment if they do not have a payslip, said the Revenue.

HMRC seek views on revamped direct collection rules

Agent Update

HMRC have published the December issue of Agent Update, which includes:

HM Treasury has published a summary of responses to the summer’s consultation on the changes to the eligibility rules for community amateur sports clubs (CASCs) and the associated tax reliefs.

The latest document sets out details of the new rules:

National Insurance; capital gains tax; social investment tax relief; creative industries; avoidance; Charity Commission

Tax experts have raised concerns about the government’s plan to impose capital gains tax (CGT) on overseas residents who sell UK property, calling it an attack on rich non-voters and warning that it could discourage foreign investors.

The chancellor, George Osborne, announced the charge in his autumn statement today, after weeks of speculation it would form part of an anti-avoidance package in his speech to the Commons.

HMRC guidance on the gift aid small donations scheme in relation to mergers of charities or community amateur sports clubs (CASCs) does not include specific reference to time limits – but they exist for new organisations to notify the tax authority if they want to take over a claims history after a merger.

The newly created body must make its application at least 60 days before its first gift aid claim or within 90 days after the date on which the current organisation began to carry on the activities of the previous one, whichever falls earlier.