Welcome to Tax update, which provides a round-up and explanation of the latest tax issues.

1    General

  • Finance Bill (No.2) 2017 - draft legislation
  • Revised plans for Making Tax Digital
  • Repeal Bill laid before Parliament
  • HMRC office update
  • Financial Secretary to the Treasury speech at CIOT Parliamentary reception
  • Treasury Committee new chair
  • EC publishes report on taxation trends in the EU

2     Private client

  • Issue of Accelerated Payment Notices not an abuse of HMRC's power

3     Trust, estates and IHT

  • Trust registration – new online service
  • UT confirms sub-lease granted to sons was a gift with reservation of benefit for IHT
  • IHT Business property relief on let cottages denied
  • IHT on residential property – loan collateral

4     PAYE and employment

  • The Taylor review of modern working practices is published
  • Did the taxpayer 'make good' within 90 days under ITEPA 2003 s.222?
  • HMRC guidance on off-payroll workers in the public sector updated
  • IHT on residential property – loan collateral

5    Business tax

  • OECD transfer pricing guidelines
  • G20 leaders reaffirm commitment to international cooperation on tax matters

6    VAT

  • Sales from student union's shop are not exempt as 'closely related to education'
  • 'Elida Gibbs' discounts in pharmaceutical supply chain

7   And finally

If you have any questions or feedback, please get in touch with your usual Smith & Williamson

Download - Weekly Tax Update - 17 July 2017

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