Weekly tax highlights ― 24 May 2021

Produced by Tolley
Weekly tax highlights ― 24 May 2021

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

  • Weekly tax highlights ― 24 May 2021
  • Direct tax
  • OTS capital gains tax review: simplifying practical, technical and administrative issues
  • Agent Update: issue 84
  • HMRC guidance: paying apprenticeship levy
  • HMRC guidance: self-employment income support scheme
  • Indirect tax
  • HMRC publishes policy paper on EU VAT e-commerce package
  • VAT liability of juice cleanse programmes
  • VAT deferral new payment scheme ― update
  • More...

Weekly tax highlights ― 24 May 2021

Direct tax

OTS capital gains tax review: simplifying practical, technical and administrative issues

The Office of Tax Simplification (OTS) has published its second report on its Capital Gains Tax Review which considers a range of key practical, technical and administrative capital gains tax issues.

The second report by the OTS covers a wide range of areas from moving home to getting divorced, running or investing in a business, and issues affecting land transactions. It also highlights a broader concern about the low level of public awareness of the tax, and the extent to which the administrative systems could do much more to support taxpayers. The report makes 14 recommendations, including the following:

  1. integrating CGT into the single customer account

  2. extending the reporting and payment deadline for the UK property tax return to 60 days

  3. reviewing the practical implications of the private residence relief nominations

  4. extending the period in which divorcing or separating couples can transfer assets between them at no gain / no loss

  5. considering the CGT payment date where proceeds are deferred when a business is sold

Agent Update: issue 84

HMRC has published Agent Update issue 84 (April–May 2021) providing a round-up of recent developments for tax agents and advisers.

This issue brings together the latest technical updates and reminders, including the following:

  1. the latest updates to the coronavirus job retention scheme (CJRS) guidance, including the changes to furlough payment percentages from July–September 2021

  2. changes to exports process for merchandise in baggage from 1 July 2021 ― this change only applies to customs handling of import and export freight (CHIEF) users

  3. a reminder of the 6 July 2021 deadline for reporting expenses and benefits for the tax year ending 5 April 2021

  4. updates to the guidance on the Trust Registration Service on the taxable trusts which are required to provide additional data

  5. highlighting new guidance on the claims process for the temporary extended loss carry back measure for losses arising in accounting

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