SME Tax News

Hello,

The government has published policy papers and draft legislation with its new proposals for the 2022-23 Finance Bill. You may have heard of some of the new measures but as always in tax, 'the devil is in the detail'.

HMRC have published the outcome of the consultation, 'Helping taxpayers get offshore tax right'. The March 2021 consultation sought views on how to improve offshore tax compliance and prevent mistakes. It formed part of HMRC's 'No Safe Havens 2019' strategy.

HMRC’s ‘L-day’ policy paper 'New tax checks for licence renewal applications in Scotland and Northern Ireland' proposes that the existing tax checks for taxi and scrap metal licence renewal which apply in England and Wales will be extended to Scotland and Northern Ireland.

As part of ‘L-day 2022’, HMRC has published a policy paper and draft legislation covering temporary reliefs from the Annual Tax on Enveloped Dwellings (ATED) charge and the 15% Stamp Duty Land Tax (SDLT) rate, where a dwelling is made available under the Homes for Ukraine Sponsorship Scheme. This also deals with making payments by the government to those taking in refugees tax-free.

The government has published proposals 'Pensions: relief relating to net pay arrangements' that allow HMRC to make a top-up for payments to lower-paid taxpayers who are within net-pay pension arrangements. 

HMRC have released a policy paper, 'Capital Gains Tax: Allowing relief on disposals of joint interests in land and private residences for limited liability partnerships and Scottish partnerships'. This seeks to ensure that these entities can claim the same reliefs as other partnerships.

 

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