Welcoming the recommendations of the Budget Process Review Group, Mr Mackay agreed that publishing the Scottish Budget prior to the UK Budget would be ‘counter-productive’ due to the levels of economic and fiscal uncertainty.
CIPP comment In early September the Finance Secretary asked opposition parties for confirmation of their proposals for income tax policy in Scotland, in order for them to be included in a discussion paper. It is the Scottish Government’s intention that the paper will inform discussions on taxation that may enable a consensus position to emerge. The paper will set out the current distribution of income tax liabilities in Scotland, analyse a variety of policy options, explain the interaction between tax policy and the fiscal framework, consider the trade-offs involved in making any proposed changes, any interactions with HMRC and the DWP and provide international comparisons.
The paper is due to be published ahead of the 2018/19 draft budget on 14 December so we should be given an early indication of the planned income tax rates and thresholds for next year.
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Webinar highlights changes to anti-money laundering regulations 25 October 2017
A webinar about the new regulations on money laundering which were introduced in June 2017 has been published by HMRC.
Background The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 implement the EU 4th Money Laundering Directive and complement work across government to strengthen UK defences and deliver on the 2016 Action Plan for anti-money laundering and counter-terrorist finance.
This includes the Criminal Finances Act, which will give law enforcement further capabilities and powers to recover the proceeds of crime, tackle money laundering, tax evasion and corruption, and combat the financing of terrorism.
Businesses such as banks, estate agents, accountants and payment firms will have to carry out stringent and targeted checks to make sure that money changing hands is from a legitimate source and will not be used to fund terror acts.
New webinar highlights changes HMRC has a host of webinars and online courses to help businesses with anti-money laundering. Most of the webinars were presented before new regulations on money laundering were introduced in June 2017 and the majority of the information remains up to date, but some of the issues covered will be affected by those regulations.
Find out more information on the changes introduced by the June 2017 regulations and view the new webinar which highlights the changes.
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Freeze on tax thresholds on Budget agenda 20 October 2017
It has been reported that the Chancellor of the Exchequer is considering announcing a freeze on tax thresholds in next month’s Budget as he looks to fill an £8bn hole in the public finances.
According to a report from the Financial Times the proposal emerged after photographers in Downing Street snapped an “unknown” politician or official entering 11 Downing Street, the chancellor’s residence, with a partly covered document discussing options for freezing the points at which people start to pay money to the government.
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