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Sep 5, 2024 | 
pinsentmasons.com | Steven Porter
New tax plans in Wales are well-intentioned but, if introduced, risk a rise in disputes and businesses simply choosing to dispose of waste in England instead, a tax expert has said.
Steven Porter of Pinsent Masons was commenting after the Welsh government proposed to adjust the lower rate of landfill disposals tax (LDT). LDT applies to the disposal of waste in landfill in Wales.
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Jul 30, 2024 | 
pinsentmasons.com | Steven Porter
The current beneficial tax regime will be replaced with a new residence-based regime under which individuals coming to the UK can elect not to pay UK tax on foreign income and gains (FIGs) in their first four years of UK tax residence. Individuals who have been UK tax resident in any of the 10 consecutive years prior to their latest arrival will not be eligible for relief.
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Jul 17, 2024 | 
taxjournal.com | Chris Etherington |Tom Wallace |Steven Porter |Thomas Chacko
According to HMRC data, at least 21 UK professional football clubs have VAT or corporation tax debts, reports accountancy and business advisory firm Lubbock Fine. Some clubs are still dealing with debt, exacerbated by the Covid lockdown, while salary and operating costs have risen substantially over the same period. The firm reports HMRC’s increasing concerns that clubs might prioritise other expenses over meeting their tax obligations.
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Jul 17, 2024 | 
taxjournal.com | Chris Etherington |Tom Wallace |Steven Porter |Thomas Chacko
HMRC have launched a new tool aimed at businesses which are considering registering for VAT. The tool will estimate the impact of registration on the business, including amounts of VAT that might need to be paid or reclaimed. In order to use the tool, businesses will need access to sales and costs figures and will also need to understand how VAT applies to different goods and services, and what proportion of their income and costs are exempt or outside the scope of VAT.
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Jul 17, 2024 | 
taxjournal.com | Chris Etherington |Tom Wallace |Steven Porter |Thomas Chacko
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Jul 17, 2024 | 
taxjournal.com | Peter Vaines |Chris Etherington |Tom Wallace |Steven Porter
The recent decision in MWL International Ltd and another v HMRC [2024] UKFTT402 (TC) was all about whether various cars were pool cars. This is an important issue because a pool car does not give rise to a benefit in kind on the users, or NIC.
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Jul 17, 2024 | 
taxjournal.com | Chris Etherington |Tom Wallace |Steven Porter |Thomas Chacko
In Finanzamt T II v S (Case C184/23) (11 July) the CJEU held that supplies between members of an EU VAT group were outside the scope of VAT irrespective of whether the effect of VAT grouping was a ‘loss of tax’. The taxpayer (S) was the controlling company of a university medical department and another company (U). They were all included in a German VAT group.
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Jul 17, 2024 | 
taxjournal.com | Chris Etherington |Tom Wallace |Steven Porter |Thomas Chacko
His Majesty King Charles III has delivered the first King's Speech to Parliament in more than 70 years. Economic growth was said to be the government’s central focus, with Prime Minister Keir Starmer saying that the package of new bills would ‘take the brakes off Britain’. King Charles said: ‘Stability will be the cornerstone of my Government’s economic policy and every decision will be consistent with its fiscal rules.
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Jul 17, 2024 | 
taxjournal.com | Chris Etherington |Tom Wallace |Steven Porter |Thomas Chacko
The Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 (Amendments to Schedule 5) Regulations, SI 2024/791, extend the three-year ‘replacement of main residence’ exception and refund period for higher rates residential property transactions in certain circumstances.
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Jul 17, 2024 | 
taxjournal.com | Chris Etherington |Tom Wallace |Steven Porter |Thomas Chacko
James Murray, the new Exchequer Secretary (XST), has been given responsibility for the UK tax system, a role that had previously been held by the Financial Secretary (FST). He was elected as the MP for Ealing North in December 2019 and has experience on tax issues as the Shadow Financial Secretary. Lord Livermore, the new FST, will have a non-tax portfolio focusing on growth, productivity and investment.
