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Northern Ireland and Wales
The Corporation Tax (Northern Ireland) Bill provides for the devolution of tax powers to the Assembly and should allow Ulster to set its own rate of corporation tax from April 2017. Non-trading profits such as income from property are excluded, and power over the corporation tax base will remain with the UK parliament. The Wales Bill has received royal assent. It devolves a range of tax-raising powers to Wales.
Northern Ireland and Wales
The Corporation Tax (Northern Ireland) Bill provides for the devolution of tax powers to the Assembly and should allow Ulster to set its own rate of corporation tax from April 2017. Non-trading profits such as income from property are excluded, and power over the corporation tax base will remain with the UK parliament. The Wales Bill has received royal assent. It devolves a range of tax-raising powers to Wales.
New year honours
The New Year honours list included James Harra, director general of business tax at HMRC (services to tax administration); Andrew Webb, the Revenue’s senior policy adviser for indirect tax (services to tax), and Michael Jack, chairman of the Office of Tax Simplification (services to tax policy).
Investment clubs
Treasurers of investment clubs should use form 185, “capital gains tax: investment club certificate”, to show each member’s proportionate share of the club’s gains and income. It must be complete on screen, and then can be printed and posted. A copy should be given to the member and a second copy kept in the club’s record. The member should enter the details from the form on his or her own return.
HMRC on Twitter
HMRC have launched a Twitter service for taxpayers with general questions about their return in the run up to the 31 January self assessment deadline. Advisers will answer enquiries via @HMRCcustomers from 8am to 6pm, Monday to Friday.
