Five things you need to know about tax, 24 November 2017

Nov 23, 2017

Highlights this week include Finance Bill measures affecting some share disposals, answers from Revenue on certain tax matters and changes to the methods of paying HMRC.

       Ireland

  1. An existing Finance Bill measure to amend section 135 TCA 1997 deems the proceeds of certain share disposals involving two companies to be subject to income tax rather than capital gains tax rules thus disrupting many MBO arrangements.  We are communicating members’ concerns on the impact of this measure to Revenue and government officials.  Read more about this story on our website
  2. Revenue has provided us with written responses to questions raised by attendees at the public sector tax event held by Chartered Accountants Ireland.  The responses cover the tax treatment of travel and subsistence payments, PSWT on bank fees and benefit in kind treatment of salary overpayments and commercial jeeps.  Read the responses on our website

     

    UK

  3. Are you aware of the changes to methods of paying HMRC?
  4. From 21 November 2017, the rate of interest on late paid tax will increase to 3 percent

     

    International

  5. Two hundred delegates recently met in Cameroon for the 10th meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes which now includes 147 countries and jurisdictions.