Policy News Journal - 2017-18

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Tackling disguised remuneration – tax avoidance schemes 19 September 2017

The second Finance Bill of 2017 introduces further changes to tackle disguised remuneration tax avoidance schemes since Spring Budget 2017 including the close companies’ gateway and new information requirements for the loan charge. A clause introduces a number of new sections to the employment income provided through third parties’ rules in Part 7A of the Income Tax (Earnings and Pensions) Act 2003 (ITEPA 2003). These new sections introduce a new gateway, and consequential double taxation relief provisions, to Part 7A ITEPA 2003. The clause also introduces changes to the new charge on outstanding loans from disguised remuneration schemes (the loan charge), which is being legislated in Finance Bill 2017. These include the introduction of a requirement for employees in scope of the loan charge to provide additional information to HMRC about the loans they have received, and some further changes due to the introduction of the new gateway in Part 7A ITEPA 2003.

Further details can be found in the draft legislation, explanatory note and technical note .

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Talking Points this week: NMW and tax avoidance cycle 19 September 2017

A reminder that HMRC are holding two Talking Points meetings this week; one on the national minimum wage and common errors and the tax avoidance cycle and how to get out of it.

National Minimum Wage (NMW) - common errors made by employer Employers must pay the NMW and National Living Wage at the right rate. There are a number of errors that employers make which tip them into non-compliance. Find out more for your clients.

 Thursday 21 September - 11am to midday

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The tax avoidance cycle and how to get out of it: Covering the tax avoidance cycle and how to get out of it in a quick and efficient way using Counter-Avoidance’s Multiple-Exit Team. There will be a Q&A with a team of experts involved in the settlement of complex avoidance cases.

 Friday 22 September - midday to 1pm

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Please send any questions for our subject experts to team.agentengagement@hmrc.gsi.gov.uk before the meeting, with the title of the meeting in the ‘subject’ line of your email.

These interactive meetings run on the ‘CITRIX’ platform. The organiser will run through how to ask questions on the day.

If you have missed any of HMRC’s earlier Talking Points meetings, you can watch the recordings here

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Stop facilitating tax evasion or face criminal prosecution 4 October 2017

This is HMRC’s message to corporations following two new offences which came into force on 30 September 2017 through the Criminal Finances Act 2017.

The Chartered Institute of Payroll Professionals

Policy News Journal

cipp.org.uk

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