Tax Law
This consultation covers reliefs for losses
incurred in a trade, profession or vocation, a property business or
in employment that are relievable against general income or capital
gains either of the same tax year or another tax year. The aim is
to explore ways of ensuring that genuine business losses and
employment losses are relieved while effectively deterring
taxpayers from entering into tax avoidance arrangements intended to
exploit these loss reliefs.
High risk areas of the tax code: Relief for income tax
losses
This consultation covers reliefs for losses incurred in a trade,
profession or vocation, a property business or in employment that
are relievable against general income or capital gains either of
the same tax year or another tax year. The aim is to explore ways
of ensuring that genuine business losses and employment losses are
relieved while effectively deterring taxpayers from entering into
tax avoidance arrangements intended to exploit these loss
reliefs.
Establishing the future relationship between the tax agent
community and HMRC
This consultation focuses on the practical implementation of HM
Revenue & Customs' (HMRC's) strategy for engaging with tax
agents in the future, focusing in particular on the relationship
with paid, professional tax agents.
Tax-advantaged venture capital schemes: a consultation
The aim of this consultation is to gather views and evidence
from stakeholders on a new scheme for seed investment the Business
Angel Seed Investment Scheme (BASIS)and on a number of reform
options to improve the effectiveness of the EIS and VCTs.
Statutory definition of tax residence
This consultation proposes new statutory rules to define
tax residence and seeks views on their design and implementation.
The tax residence of the vast majority of individuals will not be
affected by the introduction of the new statutory definition. As
part of this consultation, the Government is also seeking views on
options to reform the concept of ordinary residence, which
currently lacks a statutory definition.
This consultation will only cover the issue of tax residence
in the UK for individuals and will not cover the residence of
companies.
A new incentive for charitable legacies
Budget 2011 announced that the Government will introduce a lower
rate of inheritance tax (IHT) where people leave a charitable
legacy of 10% or more of their estate when they die. The 10%
charitable legacy will be based on the value of the estate after
deducting IHT reliefs and exemptions. This change is expected to
apply for deaths on or after 6 April 2012.
This consultation will inform aspects of the policy detail that
have not yet been decided and how HM Revenue & Customs (HMRC)
can best implement the policy.
Calman Commission and the Scotland Bill
HM Revenue & Customs has established a charities tax
technical sub-group to consider the impact on charities of the
Calman Commission's proposals in the context of the Scotland Bill.
The Law Society of Scotland is represented on the sub-group by
Gavin McEwan, a Partner and Deputy Head of Turcan Connell's
Charities Legal Team.
The sub-group is particularly keen to canvass the opinion of Law
Society of Scotland members on three specific questions in relation
to the Scotland Bill tax provisions. A briefing paper which
summarises the tax proposals and sets out the questions for
consideration can be accessed below. The sub-group would be glad to
receive comments from practitioners working in charity law. There
is, however, only a short time to contribute comments. If you have
particular comments which you would like to contribute, you may do
so - preferably by email - to Katie Hay or directly to
Gavin McEwan by
no later than 25th March 2011.