Specialist Tax Regulatory Materials
The government has published its response to the House of Lords Economic Affairs Finance Bill Sub-Committee report on whether new powers for HM Revenue and Customs (HMRC) are fair and proportionate. The letter sets out the government鈥檚 agreement with six out of the nine recommendations made by the Sub-Committee in the report. The response also takes into consideration the recently published HMRC report on the 鈥榠mplementation of powers, obligations and safeguards introduced since 2012鈥�.
Jurisdiction(s): England, Northern Ireland, Scotland and Wales
Foreign tax reliefIncome and gains may be taxable in more than one country. The UK has three ways of ensuring that the individual does not bear a double burden:1)treaty tax relief may reduce or eliminate the double tax2)if there is no treaty, the individual can claim 鈥榰nilateral鈥� relief by deducting
Payment of tax due under self assessmentNormal due dateIndividuals are usually required to pay any outstanding income tax, Class 2 and Class 4 national insurance, and capital gains tax due for the tax year by 31 January following the end of the tax year (ie 31 January 2025 for the 2023/24 tax year).
Inter-spouse transferIntroductionWhen a chargeable asset is transferred between two spouses or civil partners, there is a disposal by the transferor spouse / civil partner and an acquisition by the transferee spouse / civil partner for capital gains tax purposes. For simplicity, spouses and civil
Tax Returns