Weekly Tax Update - 9 January 2017

1   General news

• Spring Budget 2017 date confirmed as 8 March 2017
• Ireland's position in the dispute with the EC over tax on Apple
• New fiscal framework agreed for Wales
• Penalties for enablers of offshore tax evasion and non-compliance
• OTS letters to the Chancellor and Financial Secretary to the Treasury

2    Private client

• ATED rates
• Calculating foreign gains and level of Liechtenstein Disclosure Facility penalty

3   Trust, estates and IHT

• Exit charges on migration of trusts

4    PAYE and employment

• Sporting testimonials and disguised remuneration

5   Business tax

• Bank Levy double tax relief regulations
• Loan relationship and derivative contract change of accounting practice rules
• Updated guidance on BEPS action 4
• BT Pension fund's entitlement to tax credits on foreign dividends

6   VAT

• Whether commission on vouchers was VAT exempt
• EU VAT consultations
• HMRC's discretion of evidence required for input VAT recovery
• VAT status of supplies of roof insulation
• Default surcharge notice not properly served
• CJEU opinion on whether restaurant or theatre services closely related to education
• EC VAT committee working paper on the implications of the CJEU Skandia decision
• Partial exemption calculation methods

7   And finally

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.