SME Tax News

HMRC have published responses to the consultation, 'Capital Gains Tax: Private Residence Relief: changes to the ancillary reliefs' together with draft legislation as part of Finance Bill 2020.

The government has published a summary of responses to the consultation “Protecting your taxes in insolvency” alongside draft legislation to be included in Finance Act 2020.

Hello

The draft clauses for the Finance Bill 2020 were published this week, items of key interest to SME advisers include the introduction of 'off-payroll working' to the private sector and restrictions on Capital Gains Tax (CGT) Private Residence Relief (PRR).

The House of Commons Treasury Committee have taken a close interest in the progress of Making Tax Digita for VAT. MPs have become concerned about the decreasing service levels on some of HMRC’s VAT helplines and new statistics reveal that average call times are increasing.

The first draft of Finance Bill 2020 has been published. The bill includes a number of measures previously announced at Budget 2018 and the recent Spring Statement and intended to take effect from April 2020, including:

HMRC have published a new research report ‘Lifetime Gifting: Reliefs, Exemptions, and Behaviours’ into taxpayer awareness of the inheritance tax (IHT) rules and how it influences the making of lifetime gifts.