In brief: Scotland; FB 2015; expenses; data; childcare; QROPS

Revenue Scotland

The Low Incomes Tax Reform Group has welcomed Revenue Scotland’s draft charter of standards and value, which was offered for consultation following extensive informal discussion in late 2014, during which the LITRG said the obligations of taxpayer and tax authority should be set out separately, to make it clear that the performance of Revenue Scotland’s duties under the charter should not be conditional upon taxpayers meeting their obligations, and vice versa.

Finance Bill

The Finance Bill will be published on Tuesday 24 March.

Expenses review

HMRC have extended to 1 May 2016 stage one of their review of the tax rules on employees’ travel and subsistence expenses. Stage two, involving a working group to produce a new set of principles, will not now report by this week’s Budget, as first intended.

Data-gathering

The Data-Gathering Powers (Relevant Data) (Amendment) Regulations SI 2015/672 make a minor change to the form of the certificate enabling banks and building societies to pay interest without deduction of tax, details of which must then be reported to HMRC. The change is a consequence of the reduction in the starting rate for savings income from 10% to 0% from 6 April 2015. 

Childcare

The Tax Credits (Claims and Notifications) (Amendment) Regulations SI 2015/669 modify the backdating rules for tax credits claims with effect from 6 April 2015, to avoid overlaps with entitlement periods for the new tax-free childcare payments introduced by the Childcare Payments Act 2014.

QROPS

The list of qualifying recognised overseas pension schemes has been updated.
 

Issue: 4493 / Categories: News