Five things you need to know about tax, 30 October 2020

Our top Irish stories this week include a review of the provisions contained in Finance Bill 2020 for the COVID Restrictions Support Scheme and the warehousing of income tax debt. In the UK, the UK Government announced that the Job Support Scheme will open on 1 November and run for six months, until 30 April.  While in international tax, the European Commission is seeking feedback on a new initiative to review the VAT rules for financial and insurance services.

Ireland

1. Finance Bill 2020 sets out the provisions for the  COVID Restrictions Support Scheme;
2. The provisions relating to the warehousing of income tax debt are also considered;

   UK

3. The UK Government announced that the Job Support Scheme opens on 1 November;
4. HMRC launched a campaign to contact taxpayers who have ceased to trade and claimed the SEISS grant; and

   International

5. The European Commission is seeking feedback on a new initiative to review the VAT rules for financial and insurance services.