Five things you need to know about tax, Friday 17 November 2023

In Irish news, Revenue publishes updated guidance on the tax treatment of GMS payments to GPs and further guidance on the enhanced reporting requirements for employers. In UK news, the Institute was represented at various meetings of the Domestic Advisory Group which took place in London and Edinburgh last week and the Institute’s submission to the House of Lords inquiry into draft Finance Bill 2023/24 has been accepted by the Committee as evidence. In International news, Ireland has joined several other jurisdictions in committing to the automatic exchange of crypto information between tax authorities.

 Ireland

1. Following the Minister for Finance’s proposal to provide that General Medical Service (GMS) payments can be treated as partnership income where such services are provided in the conduct of a partnership profession with other individuals, Revenue has updated its guidance on the tax treatment of GMS payments to medical practitioners.
2. Revenue has published an updated Tax and Duty Manual which provides guidance regarding returns by employers in relation to reportable benefits.

   UK

3. Read our update on meetings which took place last week of the UK’s Domestic Advisory Group.
4. The Institute’s submission to the House of Lords inquiry into draft Finance Bill 2023/24 has now been accepted by the Committee as evidence.

   International

5. Ireland commits to commencing Crypto Asset Reporting Framework exchanges by 2027.

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