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Committee Stage - Finance Bill 2014

The debate in the Dáil Select Subcommittee on Finance was characterised by the level of detail provided to deputies by the Minister for Finance and the Minister of State, and contained some pointers towards further changes to the Bill at Report Stage next week, 3 and 4 December.  We cover here.....


Close Companies – attribution of gains – section 590 TCA 1997

According to the Minister, section 626B TCA 1997 (the CGT participation exemption) is being invoked by “individuals” to avoid a charge under section 590 and thus putting “considerable tax at risk in respect of the cases of which Revenue is aware at present”.  Chartered .....


Switzerland step up against tax evasion

Last week Switzerland strengthened the fight against tax evasion by signing the Multilateral Competent Authority Agreement, which will allow for automatic exchange of financial account information in tax matters.  This now brings the number of countries signed up to 52 in total, with some earl.....


Direct Recovery of Debts: additional safeguards announced in line with Tax Committee recommendations

As recommended by the Northern Ireland Tax Committee in its response to the above consultation, additional safeguards are to be built into the proposed direct recovery of debts legislation. The announcement came as the Government published its response to the consultation. In addition, in order to .....


Prevention of Treaty Abuse next on BEPS Action Plan

Comments are invited on a discussion draft dealing with the prevention of treaty abuse, as covered by Action 6 of the BEPS Action Plan. The draft deals with follow-up work in relation to the substance of the model provisions, specifically the Limitation on Benefits rule along with the treaty entitl.....


New addresses for contacting HMRC

A new page on GOV.UK states that Royal Mail has created a new address for taxpayers writing to HMRC on self-assessment matters. There is also a new address for taxpayers making a tier 1 complaint on self-assessment or PAYE matters. .....


Results of the Consultation on an EU Taxpayer Identification Number now available

As part of the fight against tax evasion the Commission adopted an action plan back in December 2012 which set out proposals to strengthen this fight. The creation of an EU Taxpayer Identification Number (TIN) was one of 34 measures contained in the Action Plan. 84 responses were received with 80 b.....


Online services: planned downtime

Readers are advised that HMRC are planning a number of further updates to certain HMRC Online Services which are expected to be unavailable for a brief period of time. Messages about the availability of specific services are available on the HMRC website and anyone using HMRC Online services is adv.....


Brief 41/14: Aggregates levy and Northern Ireland

This brief gives details about the introduction of an 80% aggregates levy credit for aggregate commercially exploited in NI following its importation from another European Union (EU) Member State. The levy paid on this aggregate must have been accounted for at the full rate between 1 April 2004 and.....


Update: Digital roadmap – what’s ahead at a glance

HMRC has recently used its digital blog to update agents and taxpayers on what new digital products and services it is currently working on and when they will start. With something like 50 digital projects running at any given time resulting in a complex roadmap to navigate, the update also provide.....


Commission issues Report on Wealth Taxes

Last week the Commission issued a report on a cross-country review of taxes on wealth and the transfer of wealth.   The study compares three forms of wealth tax: Inheritance & gift; Real estate and land; Net-wealth The study found that inheritances are taxed in 20 Member States while gifts.....


Compliance checks: managing serious defaulters

The above factsheet which provides information about when HMRC may monitor the tax affairs of those subject to a deliberate penalty has been published. The Managing Serious Defaulters programme has been covered on several occasions by Chartered Accountants Tax News. It should be noted that Factshee.....


HMRC issue briefing on taxing multinationals

The above briefing has been published and is designed to explain how HMRC is working with other countries to stop some multinational businesses from avoiding payment of tax. The briefing provides a concise summary of action not just by the UK in this area but on an international basis and summarise.....


Payments via Revenue Online Service

Members are advised that tax payments made via Revenue Online Service (ROS) can currently take between 4 and 7 working days to debit from bank accounts under the SEPA arrangements.  Therefore, income tax payments made on the ROS pay and file deadline of 13th November may only be taken from ban.....


LPT Phased Payment Notifications

Homeowners, who want to pay their 2015 LPT on a phased basis, or change their current phased payment method, should notify Revenue by tomorrow, 25 November. If a homeowner paid their 2014 LPT by a phased payment method, such as deduction at source from certain payments, that method will continue to.....


PAYE Notice for Employers on USC Changes

In Revenue’s PAYE Notice, employers are advised that next month, December, Revenue will issue 2015 Tax Credit Certificates (P2Cs) for all employees, advising of the USC rates and thresholds applicable from 1 January 2015.  If an employer has not received 2015 P2Cs in time to run January .....


Central Bank publishes Skilled Persons’ Reporting – Statement of Proposed Use

The Central Bank of Ireland has published a Skilled Persons’ Reporting – Statement of Proposed Use. Part 2 of the Central Bank (Supervision and Enforcement) Act, 2013 provides the Central Bank with the power, for the purposes of the proper and effective regulation of financial service provider.....


FRED 56 Draft FRS 104 Interim Financial Reporting

The UK Financial Reporting Council (“FRC”), has issued an Exposure Draft, FRED 56 Draft FRS 104 Interim Financial Reporting FRED 56 sets out a draft accounting standard which is intended to replace the Statement Half-yearly financial reports) issued by the Accounting Standards Board (ASB) in 2007. .....


IPSASB issues finalised Public Sector Conceptual Framework

The International Public Sector Accounting Standards Board (IPSASB) has issued its 'Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities' providing concepts that will underpin the development of International Public Sector Accounting Standards (IPSASs) and Recommen.....


A new framework for Technical Actuarial Standards

The Financial Reporting Council (FRC) is consulting on a new framework for Technical Actuarial Standards (TASs). The changes aim to ensure that users of actuarial information (such as pension scheme trustees, pension scheme sponsors and insurance company directors) can rely on the quality of actuar.....


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