The Office of Tax Simplification (OTS) published its report 'Simplification of the Corporation Tax Computation' in July 2017. It makes recommendations for Corporation Tax to be modernised and simplified.
SME Tax News
The OTS has published a short focus paper on the future of disincorporation relief. To-date, the relief has attracted just 50 claims.
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We were thinking that if you are still in the office reading this and not on holiday that either you need some light reading or that things are so quiet that you might be able to cope with some of the more complicated new tax rules...
HMRC have published two documents regarding its relationship with the taxpayer and how this is developing/will develop in future. 'Corporate Report: Our Strategy' contains a declaration of their values, three strategic objectives and eight key decisions. 'Your Charter Annual Report: April 2016 to March 2017' is the Charter Committee’s report on how HMRC has performed against the standards expected in its Customer Charter.
On 12 July 2017, the Criminal Finances Act 2017 Regulations were introduced to Parliament bringing into force the new offence of failure to prevent the facilitation of tax evasion from 30 September 2017.
The Ministry of Justice's Office of the Public Guardian (OPG) says that it will refund overcharged fees in respect of processing applications for Powers of Attorney.
On 13 July 2017, HMRC published some draft legislation for Finance Bill (No.2) 2017 with minor amendments for the Deemed Domicile rules.
On 13 July 2017, HMRC published some draft legislation for Finance Bill (No.2) 2017 with minor amendments for IHT on enveloped property.