.png)
.png)
Finance Bill
The 2013 Finance Bill will be published on 28 March.
New trusts act
The Trusts (Capital and Income) Act received royal assent on 31 January 2013. It makes three main changes. First it disapplies the statutory rule requiring time apportionment of income and certain case-law rules of apportionment, for trusts coming into existence after commencement, unless the settlors opt for these rules to apply. Second, it classifies corporate receipts from all tax-exempt demergers as capital rather than income. Finally, trustees of charities with permanent endowment to make a resolution can opt for total return investment in line with new Charity Commission regulations.
Bad debts
The latest version of VAT Notice 700/18: Relief from VAT on bad debts has been published. It cancels and replaces the previous version in December 2002. Details of any changes to the previous version can be found in paragraph 1.2.
ISA Bulletin 48
The latest ISA Bulletin is available. It contains articles on reinstating individual savings account subscriptions withdrawn during the Royal Bank of Scotland Group technical incident and forthcoming changes to the ISA regulations.
Building societies
Draft regulations on the tax treatment of building society deferred shares which qualify as core tier 1 for regulatory capital purposes have been laid in parliament.
CASCs
An updated list of registered community amateur sports clubs has been published.
Connecting information
In December, HMRC published Closing in on tax evasion. It set out their plans on tackling “those who deliberately set out to hide their income and wealth” and included a timetable of actions for the first half of 2013. Proposed action for February is to “identify even more people whose income and wealth does not match with what they’ve told HMRC” using the department’s “Connect” software which cross-checks data. Starting with information provided by credit reference agencies, HMRC will make comparisons to income disclosed on tax returns and will investigate the first 500 cases.
