HMRC have provided their first examples showing how they might apply the new targeted anti-avoidance rule (TAAR) to combat "phoenixing" which was introduced by Finance Bill 2016.
Finance Bill Royal Assent delayed until September
The Leader of the House of Commons has confirmed that the Finance Bill 2016 will not receive Royal Assent until after the summer recess, with the remaining stages of the bill being considered in September.
HMRC begin issuing 2015/16 tax calculations
HMRC have begun issuing their end of year tax reconciliations for 2015/16, and are expected to have sent around 6 million of these forms P800 to taxpayers by the end of November.
Daily penalties: HMRC victory in Court of Appeal
In Donaldson v HMRC [2016] EWCA Civ 761 the Court of Appeal confirmed that HMRC had correctly imposed daily late filing penalties under Schedule 55 FA 2009. This decision is important as there have been a number of cases put on hold awaiting its outcome.
Extra HMRC budget for...the marriage allowance
HMRC has been allowed a budget of just under £999,660 to advertise the marriage allowance.
Unexpected tax charge for excess pension contributions
The introduction of the tapered annual allowance means that some individuals will see their allowable pension contributions for the 2016/17 tax year reduced to just £10,000.
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