Tax briefing

Article Abstract:

Several new developments in UK taxation are reported. These include the Inland Revenue's issuance of a paper on the mechanics of the discovery and disclosure rules under self-assessment and of a new extra-statutory concession granting tax relief for Class IA National Insurance contributions. In addition, the agency has issued a consultative document on the possibility of granting tax relief for travel and subsistence costs by site-based employees with no assigned place of work. Inland Revenue has also revised Statement of Practice 12 91 in response to recent tax and regulatory changes, and has adopted a new tax treatment of premiums paid for insurance policies covering expenses arising from engaging a locum tenens. Other notable tax-related developments are the reduction of the official interest rate, the amendment of foreign exchange gains and losses rules, and the issuance of new regulations related to mortgage interest relief at source scheme.

Tax Law, Public Finance Activities, Laws, regulations and rules, Reports, United Kingdom. Board of Inland Revenue

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Scheme not pre-ordained

Article Abstract:

The Court of Appeal has ruled against the Inland Revenue in the 'Countess Fitzwilliam v IRC' case. In its ruling, the court rejected the Inland Revenue's contention that the 'Ramsay' principle could be applied to a scheme adopted by the trustees of the estate of the late Earl Fitzwilliam to avoid the capital transfer tax. The court, interpreting the rules laid out by the House of Lords in 'Craven v White,' noted that the 'Ramsay' principle could not be invoked since the series of steps taken by the trustees to avoid the tax where not pre-ordained.

Cases, Tax planning

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Corporate venturing

Article Abstract:

A summary of the provisions of a new UK Statement of Accounting Practice on corporate venturing is presented, with focus on the issues related to taxation.

Standards, Accounting and auditing, Accounting, Venture capital

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