Following the large number of consultations announced in the Budget, the Treasury has updated its tax consultation tracker.
Key dates and consultations to watch out for are:
Income tax rules on interest – Proposals for changes to income tax rules on the taxation of interest received and rules on the deduction of tax from interest paid.
Simpler income tax for the smallest businesses – Proposals for introducing a voluntary simplified cash basis for income tax and simplified expense arrangements for small unincorporated businesses.
Due to be published in…
Personal service companies and IR35 – Proposals which would require office holders/ controlling persons who are integral to the running of an organisation, to have PAYE and NICs deducted at source.
Tax advantaged employee share schemes – Review of tax advantaged share schemes.
Integrating the operation of income tax and National Insurance contributions – Consultation on a range of options.
Disincorporation relief – Making it easier for small companies to become unincorporated.
Statutory residence test/ ordinary residence/ statement of practice 1/09 – Summary of responses to June 2011 consultation together with draft legislation to be implemented in Finance Bill 2013.
Transfer of assets abroad and gains on assets held by foreign companies – Proposals to amend and modernise two pieces of legislation which are designed to protect the UK tax base.
Inheritance tax (IHT): spouses and civil partners domiciled outside the UK – Legislation to increase the IHT-exempt amount that a UK domiciled individual can transfer to their non UK domiciled spouse or civil partner; and to allow individuals who are domiciled outside the UK and who have a UK domiciled spouse or civil partner to elect to be treated as domiciled in the UK for the purposes of IHT.
Annual charge on high value residential properties owned by certain ‘non-natural’ persons – Annual charge to be introduced on residential properties over £2 million owned by certain non-natural persons and on extending the capital gains tax regime to disposals of residential property, and interests in such property by non-natural, non-residents.
IHT: periodic charges on trusts – Simplifying the calculation of IHT periodic and exit charges for trusts.
General anti-abuse rule – New draft legislation to introduce a general anti-abuse rule.
Cap on unlimited tax reliefs – How the cap will be operated.
A full list of forthcoming consultations can be found here.
For further information please contact the TaxDesk on 0845 4900 509.