Tax briefing

Article Abstract:

Several recent tax developments in the UK are reported. These include the inclusion of a provision in the Finance Bill 1996 that withdraws income tax reliefs associated with executive share options, the government's plans to reform the taxation of gilts and bonds, and new regulations on follow-up tax-exempt special savings accounts. Other notable tax developments are the amendments to Social Security regulations effected by the Finance Act 1995, the completion of the final phase of the three-year review of the Valuation Office and the proposal of new regulations for the reinsurance business of life insurance companies. News related to the Inland Revenue include the agency's draft regulations simplifying the taxation of loans to participators, its tax treatment for the income of theatrical performers and its intention to participate in the pilot of the Mondex electronic cash system.

Tax Law, Public Finance Activities, Taxation, Reports, Tax administration and procedure, Tax administration

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Finance bill

Article Abstract:

The 1995 Finance bill is being readied for completion at the parliamentary committee level and should be ready for floor deliberations in Apr. 1995. Its main amendments and clauses cover issues such as the self-assessment repayment claim, self-assessment anti-avoidance, associates of banks, electronic filing, Schedule A forms and interest, loans between settlers and trustees, loans to charities and capital allowances. Other issues covered by the 1995 Finance bill are liability insurance for directors and employees, capitalization requirements for charities, relief for the shipping industry, employee financial repatriation schemes, reductions of tax from certain rents and the petroleum revenue tax.

Economic policy, Finance

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Disclosure guidelines

Article Abstract:

The Institute of Chartered Accountants in England and Wales and the Institute of Taxation have published guidelines to advise their members on the handling of issues related to the disclosure of information in tax returns and other related correspondence with the Inland Revenue. The guidelines cover four general categories of disclosure issues. These categories deal with questions related to cases when disclosure is legally mandated, situations where professional judgement is necessary to decide whether a disclosure is to be made, circumstances when a voluntary disclosure may be necessary even if no legal obligation exists, and instances when there is no clear legal obligation to disclose.

Disclosure statements (Accounting), Tax returns

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