Agent Update 113 available

HMRC has published the October Agent Update which provides technical news and reminders. It has the usual array of articles including on the new reliefs for alcohol duty overlap relief and making tax digital – the case for change. Other articles are summarised below.

Agent toolkits on remittances to be reported on tax returns

A new toolkit for agents sets out HMRC’s expectations in relation to the issues that should be considered when reporting non-domiciled clients’ taxable remittances on self assessment returns. The aim is to help agents and clients satisfy themselves about whether taxable remittances have occurred.

The areas of risk relating to remittance reporting fall broadly into the following categories:

• incomplete record keeping including not being able to identify the source of funds in bank accounts or used to buy assets;
• interaction with anti-avoidance legislation such as settlements transfer of assets abroad and...