the initiative for small unincorporated businesses is yet to be published.
Other Taxes - Fuel Duty, Air Passenger Duty (APD), Inheritance Tax (IHT) The 3.02 pence per litre fuel duty increase that was due to take effect on 1 January 2013 will be cancelled and the increase that was planned for 1 April 2013 will be deferred until 1 September 2013. APD rates will increase by the Retail Price Index increase for September 2012 from 1 April 2013.
The new rates are shown in rates tables published
The IHT nil-rate band was frozen at Budget 2010 at its current level of £325,000 until April 2015. For 2015-16 the band will be increased by 1% rounded up to £329,000.
CIPP Comment Who could not be pleased to hear that the fuel duty increase planned for January has been cancelled? However we are disappointed that the April increase has only been deferred, but there is always the 2013 budget for the Chancellor to change his mind on that one.
Anti-Avoidance and Evasion HMRC's approach to closing in on tax evasion was launched on Monday 3 December. Details can be found at Tackling Tax Avoidance and Evasion .
Five further measures have been announced in a Written Ministerial Statement . They have effect from today, 5 December 2012. These cover:
1. Foreign bank levies - which are not allowable deductions for Income Tax or Corporation Tax purposes. 2. Tax mismatch scheme - which reduce Corporation Tax liability through asymmetric tax treatment of loans or derivatives. 3. Property return swaps - which convert capital losses into income losses. 4. Manufactured payments - where schemes involve stock lending arrangements. 5. Payments of patent royalties - relief for non trade payments to be abolished.
The following documents which include the Tax Information and Impact Notes (TIINs), draft legislation and explanatory notes have been published.
Bank levy - double taxation relief
Corporation tax - mismatch schemes, property return swaps and manufactured payments Abolition of income tax relief for patent royalties CIPP Comment An interesting point to note is that the budget in every other government department is being cut, however HMRC is being given additional funds to tackle tax dodgers. The chancellor announced that the money will be used to recruit additional compliance staff.
Other Announcements include:
Reducing tax credit error fraud and debt A number of initiatives have been announced aimed at reducing the levels of tax credit error and fraud and recovering tax credit debt. They include:
Requiring claimants to provide more evidence to support certain claims for tax credit claims for children and childcare
CIPP Policy News Journal
12/04/2013, Page 142 of 362
Made with FlippingBook - Online magazine maker