Amendment to interest provisions for late payment, repayment and penalties 31 October 2018
Legislation will be introduced in Finance Bill 2018-19 to regularise historical arrangements for charging interest in relation to payments and repayments of certain taxes.
This measure seeks to clarify existing interest provisions to ensure they apply as intended and it will affect persons paying interest late or receiving repayments where the taxes are Corporation Tax (CT), Diverted Profit Tax (DPT), Stamp Duty (SD), Stamp Duty Land Tax (SDLT), Inheritance Tax (IHT) and interest on penalties under Pay as you earn (PAYE). It will also clarify the detail of how interest is applied to late payments for CT, SD and SDLT and to penalties imposed for failure to comply with obligations under PAYE as well as providing clarification and confirmation of the basis for interest calculations in respect of DPT and repayment interest by HMRC, thus ensuring that the 2009 interest provisions apply in relation to penalties charged under the Promoters of Tax Avoidance Schemes (POTAS) legislation. This measure was announced by Written Ministerial Statement on 19 July 2018 and the subsequent extension to include PAYE penalties was announced at Budget 2018. It clarifies existing legislation, restoring the law to the position currently used and understood.
It will come in to operation from Royal Assent of the Finance Bill 2018-19 and will have retrospective and prospective effect from the date the relevant interest was first applied.
Further detail can be found on page 186 of the Overview of Tax Legislation and Rates.
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Rates and allowances 2019-20 6 November 2018
Budget 2018 announced a number of changes to the main income tax rates and allowances for the 2019-20 tax year.
HMRC has published an annex which includes Autumn Budget 2018 announcements of the main rates and allowances and also covers all announcements made at Autumn Budget 2017 and subsequently.
Categories comprise:
• Personal tax and benefits • Company car tax • National Insurance contributions (NICs) • Working and child tax credits, child benefit and guardians allowance • Capital, assets and property (includes pensions) • Business and financial services • Indirect tax
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Bacs Christmas and New Year processing dates 22 November 2018
With Christmas fast approaching, Bacs has highlighted the extra non-processing days during this holiday period.
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
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