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Tax voice - September 2018

14 September 2018

Welcome to September's edition of tax voice, a monthly round-up of the most important tax news.

Change to capital gains tax obligations for property

14 September 2018

The Government published draft clauses for Finance Bill 2018-19 on 6 July 2018. The published material included draft legislation relating to the taxation of capital gains on property; notably a change to the reporting and payment on account obligations for UK resident individuals and trustees with residential property gains. The changes will take effect for disposals on or after 6 April 2020, in line with announcements made at Budget 2017.

Do we need to reform stamp duty land tax again?

14 September 2018

Stamp duty land tax is paid on land transactions in England and Northern Ireland (Scotland and Wales have different provisions ). Recent years have seen a number of changes to SDLT as it applies to residential property, with the majority resulting in higher charges.

Is LBTT helping to extend property ownership?

14 September 2018

It is now more than three years since land and buildings transaction tax (LBTT) was introduced in Scotland to replace stamp duty land tax (SDLT). Prior to its introduction on 1 April 2015, the structure and rates of the tax were published in November 2014. This encouraged a review of SDLT and significant changes were introduced in the rest of the UK in December 2014. The impact these changes have made south of the border has been widely reported.

Is there a future for HMRC transfer pricing agreements?

14 September 2018

HMRC recently published its transfer pricing and diverted profits tax (DPT) statistics for 2017/18. The statistics may provide insight into changes in taxpayer behaviour in the area of transfer pricing.

Don't slip up around whistleblowing
Jonathan Pepper

12 September 2018

Historically, whistleblowing and policies around it has been more embedded in financial services than other industries, with FCA requirements around an 'effective risk management system' outlining policies and procedures around whistleblowing and the whistleblower themselves. But are firms adhering to the FCA handbook to pay lip service, or are incidents being taken seriously?

Establishing a digital strategy in the asset management sector
David Fenton

06 September 2018

Asset Managers face on-going competition from Fin Tech companies, margin pressures and market consolidation. How can you establish a digital strategy?

Offshore messenger - September 2018

03 September 2018

Offshore messenger continues to highlight the key areas to assist offshore trustees, company directors and related professionals whose clients have UK connections.

Trustees in receipt of unexplained wealth orders

03 September 2018

Unexplained wealth orders came into existence on 31 January 2018. They are a mechanism which is designed to confiscate the proceeds of crime by using civil, as opposed to criminal, powers.

Requirement to correct – Time is running out

03 September 2018

HMRC has recently updated its guidance regarding the deadline for notifications under the requirement to correct (RTC) rules. As a reminder, RTC creates an obligation for anyone who has undeclared UK tax liabilities that involve offshore matters or transfers to disclose this non-compliance to HMRC by 30 September 2018. This includes inheritance tax on assets owned by non-UK entities.