Owner-Managed Businesses

Weekly tax highlights ― 3 May 2022

Produced by Tolley
  • 09 May 2022 10:31

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

  • Weekly tax highlights ― 3 May 2022
  • Direct taxes
  • Income tax exemptions for major sporting events
  • SI 2022/465 Taxation of Securitisation Companies (Amendment) Regulations 2022
  • Tax treatment of GMP equalisation
  • Indirect Taxes
  • VAT road fuel scale charges from 1 May 2022
  • SI 2022/464 Securitisation Companies and Qualifying Transformer Vehicles (Exemption from Stamp Duties) Regulations 2022
  • International
  • Comments received on draft Model Rules
  • More...

Weekly tax highlights ― 3 May 2022

Direct taxes

Income tax exemptions for major sporting events

The following Regulations provide for an exemption from income tax on income earned in the UK by certain non-UK resident accredited individuals (broadly, participants and officials) in connection with the relevant major sporting events:

  1. Major Sporting Events (Income Tax Exemption) (UEFA Women’s EURO 2022 Finals), SI 2022/489 ― the exemption applies to income received in relation to duties or services performed in connection with the UEFA Women’s Euro finals between 1 July 2022 and 6 August 2022

  2. Major Sporting Events (Income Tax Exemption) (Finalissima Football Match) Regulations, SI 2022/487 ― the exemption applies to income received in relation to activities in connection with the Finalissima football match between 28 May and 2 June 2022

  3. Major Sporting Events (Income Tax Exemption) (2022 Birmingham Commonwealth Games) Regulations, SI 2022/493 ― the exemption applies to income received in respect of duties or services performed in the UK between 1 July and 11 August 2022 in connection with the Birmingham Commonwealth Games

SI 2022/465 Taxation of Securitisation Companies (Amendment) Regulations 2022

These Regulations relate to the taxation of securitisation companies, to which a specific tax regime applies. They address uncertainty and complexity in the application of the securitisation tax regime to a certain type of securitisation arrangements ― ‘retained’ securitisation arrangements ― by amending one of the qualification conditions.

Access to the securitisation tax regime is widened by reducing the threshold level required by another qualification condition.

The Regulations do not apply to a company

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