Weekly tax highlights ― 15 February 2021

Produced by Tolley
Weekly tax highlights ― 15 February 2021

The following Owner-Managed Businesses guidance note Produced by Tolley provides comprehensive and up to date tax information covering:

  • Weekly tax highlights ― 15 February 2021
  • Brexit
  • HMRC guidance
  • Direct taxes
  • Pension Schemes Act 2021
  • Van benefit charge and fuel benefit charges to be increased by CPI
  • HMRC adds guidance on the payment of Class 2 NIC deferred due to coronavirus
  • HMRC publishes guidance on zero-rate secondary class 1 employer NIC for veterans
  • Treasury announces more flexibility for bounce back loan repayment
  • Regulations extend 100% FYAs for low-emission vehicles
  • More...

In the ever-fast-moving world of tax announcements and developments, this note pulls together some of the key changes announced this week. Our commentary will be updated in due course to reflect these latest developments.

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Brexit

HMRC guidance

Following the end of the Brexit transition / implementation period at 11pm on 31 December 2020 (IP completion day), the Government has been reissuing a number of Brexit webpages and guidance documents, collating existing stakeholder and sectoral guidance on legal and practical changes taking effect from 1 January 2021. These include:

  1. updated guidance on social security and national insurance for UK individuals who intend to work temporarily in the EEA or Switzerland

  2. guides to importing and exporting goods between Great Britain and the EU

  3. notices under The Customs (Declarations) (Amendment and Modification) (EU Exit) Regulations 2020

  4. updated guidance for stakeholders on how to use a general guarantee account to cover any import duty and import VAT

  5. Excise Notice 204b for commercial importers and tax representatives on EU trade in duty paid excise goods

  6. Excise Notice 204a in relation to Temporary Registered Consignees

  7. Excise Notice 207 in relation to claims for excise duty drawback

Direct taxes

Pension Schemes Act 2021

The Pension Schemes Act 2021 received Royal Assent on 11 February 2021 and introduced a framework of new measures, with the detail to be set out in future Regulations.

Part 1 of the Act introduces collective defined contribution schemes (CDCs), where contributions are pooled and invested with the aim of returning greater benefits to members compared to individual DC schemes. Part 2 makes equivalent provision for CDCs in Northern Ireland.

Part 3 broadens the powers of the pensions regulator to intervene to protect the interests of pension scheme

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