A high level summary of what's being discussed in recent committee meetings:
- The Tax committee continue discussions with members on relevant consultations including the HMT/HMRC consultation on the Tax treatment of Asset Holding Companies. See more information here.
- The Tax Committee will convene shortly to go through this important and relevant review of the UK’s fund regime, in order to agree key areas for consideration and next steps. See more information here.
- The Committee has been discussing the draft guidance issued by HMRC on taxing gains made by non-residents on UK immovable property, particularly the guidance for collective investment schemes and continue discussions with HMRC to obtain further clarity. See the latest news here.
- VAT registered businesses with a taxable turnover above the VAT threshold are required to use the Making Tax Digital service to keep records digitally and use software to submit their VAT returns from 1 April 2019. This date has been pushed back to 1 October 2019 for specified businesses with “more complex requirements” as specified by HMRC.
Next meeting: 28 April 2021
View more on the committee here.