Capital allowances

68 Pages·2017·9.66 MB·English

Capital 24 Corporate 27 Senior 38
allowances Interest Restriction Accounting Offi cer
David Rees on the treatment HMRC’s Adeline Chan and Adrian Houstoun considers
of replacement cladding Roger Muray on the rules a recent case www.tax.org.uk www.att .org.uk
Excellence in Taxation November 2017
www.taxadvisermagazine.com
CCaarreeffuull sstteeppss
Jon Preshaw considers the new provisions for failure to prevent
facilitati on of tax evasion and looks at the next steps, page 36
PLUS Agent Forum – Advice on deeds – Intercompany agreements – Employee Share Schemes – IHT traps
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About Crowe Clark Whitehill
Crowe Clark Whitehill is a leading and award winning national audit, tax and advisory firm. With nine offices across the UK, the
firm works across five strategic sector groups; Corporate Business, Non Profits, Pension Funds, Professional Practices and Private
Clients. Crowe is the UK member of Crowe Horwath International, the eighth largest global accounting network, with more than
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Corporate Tax – Director, Partner Designate or Partner level Corporate Tax Manager
London Reading
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Share Plans Manager/Senior Manager VAT Assistant Manager/Manager
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The Share Plans practice is a growing part of the very successful Due to continued growth and development we are looking for an
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CONTENTS
Welcome Features
3 Editor-in-chief’s welcome
What does it mean to me? 8 Party conferences 23 Taxing digital pla� orms
Chris Matt os
A puzzling thing George Crozier looks at A new role Bill Dodwell examines the
4 President’s page
what this year’s conference season tells us ways in which digital platf orms are
A possible future
about the par� es’ tax and economic plans taxed, and considers alternati ves
John Preston
6 ATT Page GENERAL FEATURE LARGE CORPORATE TAX INTERNATIONAL TAX
Hold on to your hats! 24 Capital allowances
Tracy Easman
Clad safely David Rees considers how the
tragedy at Grenfell House may aff ect the
tax treatment of replacement cladding on
Technical residen� al buildings
From the Technical team OMB
44 Consulta� on on the 27 Corporate Interest Restricti on
Business Risk Review
New limit Adeline Chan and Roger
45 Making Tax Digital
Muray provide an HMRC perspec� ve on
45 BEPS: CIOT responds to
the corporate interest restric� on
recent OECD work
46 OTS focus paper on 11 CIOT conference report MANAGEMENT OF TAXES
disincorpora� on relief LARGE CORPORATE TAX
The missing Act Mike Truman reports on
47 Scotland update: Air the CIOT Autumn Residen� al Conference at 30 Employee share schemes
Departure Tax Warwick University, 2–10 September 2017
Encouraging growth William Franklin and
consulta� ons
GENERAL FEATURE OMB Alan Garrod consider the importance of
47 Budget representa� ons
LARGE CORPORATE TAX robust share scheme incen� ves in
by the CIOT
rewarding employees of all salaries and ages
48 OTS call for evidence 14 Making Tax Digital
EMPLOYMENT TAX
49 ‘Pa� ent Capital’ Sending a man to the moon Georgiana
consulta� on Head considers the skills needed for a 33 IHT and property
50 HMRC consulta� on: future in tax
IHT traps Jacquelyn Kimber examines the
Comba� ng VAT fraud in
GENERAL FEATURE new rules for residen� al property and
construc� on
also points out some traps and anomalies
50 The Trust Registra� on 16 Agent Forum
Service INHERITANCE TAX
The new ‘Working Together’ Noel
51 HMRC complaints Flanagan explains why agents should get 36 Tax evasion
involved with the new Agent Forum
Careful steps Jon Preshaw considers the
PROFESSIONAL STANDARDS new provisions for failure to prevent
Briefi ngs facilita� on of tax evasion, and looks at the
18 Deeds of sett lement
next steps for advisers
From Ar� llery House
Reserved acti vity Margaret Curran
52 Joint conference between discusses new guidance for members for MANAGEMENT OF TAXES
Nederlandse Ordre van use when HMRC are suggesti ng using a PROFESSIONAL STANDARDS
Belas� ng Adviseurs and deed to sett le a tax enquiry
CIOT European Branch
PROFESSIONAL STANDARDS
52 Bristol Branch New Tax
Professionals’ event
53 Taking Digital Tax around
Scotland
53 Christmas carol service
54 CIOT/IFS Conference
Debates
55 ATT President’s Luncheon
56 News from Bridge the Gap 38 Senior Accounti ng Offi cer
Predator and prey? Adrian Houstoun
considers a recent case, and looks at the
challenges faced by SAOs
Branch events
20 Intercompany agreements INDIRECT TAX
57 Dates for your diary
Documenti ng it right Paul Sutt on 40 Working tax credits
provides guidance on what tax
professionals should insist upon when Reality bites Keith Gordon considers a
Recruitment documenti ng intercompany agreements recent tax credits case which turns on
for transfer pricing defi ni� on of carrying on a trade
58 Looking at the best
industry jobs LARGE CORPORATE TAX INTERNATIONAL TAX OMB MANAGEMENT OF TAXES
www.taxadvisermagazine.com | November 2017 1
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Welcome from the editor

[email protected]
Editor-in-chief, Tax Adviser
What does it mean to me?
Our key points boxes have received a lot that their acti ons would, or would be likely to,
of positi ve feedback since we introduced enable off shore non-compliance they are within
them a couple of years ago. Members the provisions and these could apply where their
oft en tell us that an arti cle that at fi rst glance didn’t client carelessly, rather than deliberately, failed
seem relevant turned out to be a ti mely focus. to comply with a tax obligati on. The CIOT has
This month we have three arti cles which on issued guidance in this area (htt p://ti nyurl.com/
the face of them might seem to be of minority y8bh8wel) and this considers where advisers
interest but which all have wider applicati ons and might be at risk of confl icts arising.
lessons to be learned for practi ces of all sizes.
Senior Accounting Offi cers and VAT
Reserved legal activities On page 38, Adrian Houston looks at a recent VAT
This isn’t aimed at just the legal profession. On case on the responsibiliti es of Senior Accounti ng
page 18, Margaret Curran discusses new guidance Offi cers (SAOs). Before I read Adrian’s arti cle I
which the CIOT and ATT have recently produced assumed that I wouldn’t fi nd any relevance for my
(htt p://ti nyurl.com/yak9r85x and htt p://ti nyurl. small practi ce. He discusses a case where HMRC
com/y84dprt5 respecti vely) for members for use considered that a SAO, breached their main duty
when HMRC are suggesti ng using a deed to sett le by failing to conduct, or have in place any system
a tax enquiry. Members should be aware that of, selecti ve or ‘themati c’ testi ng or sampling
they are not authorised to carry on a reserved of fi gures in the VAT returns, or of individual
legal acti vity unless they are also members of the transacti ons to ensure that the fi gures in the
Law Society or the Bar. The guidance explains that returns were correct. The legislati on required the
the draft ing, preparati on and executi on of deeds SAO to take ‘reasonable steps’ and the questi on
is a ‘reserved acti vity’ under the Legal Services was whether, in the circumstances of this case,
Act 2007 which can only be carried out by an selecti ve testi ng was a reasonable step. The judge
authorised or an exempt person. Members should was not sati sfi ed that it was, due to the signifi cant
refer to the guidance to ensure they understand other system controls that were in place and the
the legal implicati ons and whether they need to work and involvement of KPMG. The case is a
seek the help of a lawyer. ti mely reminder that with MTD for VAT just round
Members the corner, those responsible for the submission
Failure to prevent the facilitation of of returns should consider whether their systems
often share tax evasion will be suffi cient to deal with the potenti al
their thanks that This isn’t aimed at just those that specialise obligati ons under this new regime.
in internati onal tax or tax dispute resoluti on.
an article that at
On page 36 Jon Preshaw considers the new
fi rst glance didn’t provisions for failure to prevent facilitati on of tax
evasion, and looks at the next steps for advisers.
seem relevant
In general, considerati on should be given to the
turned out to be extent to which advisory work regarding non-UK
income, assets or gains could give rise to the risk Chris Matt os
a timely focus of penalti es for an adviser. If an adviser knew Editor-in-chief, Tax Adviser
Journal of The Chartered Insti tute of Taxati on and The Associati on of Taxati on Technicians For Tax Adviser magazine subscripti on This product comes from sustainable forest
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President’s page
[email protected]
John Preston
A possible future
We keep hearing about the pace of amounts that needed to be spread and adjusted
change so this month I thought we automatically.
might take a (slightly) light-hearted Of course, the tax system was completely
look at the possible world of a tax adviser in different now. It was the absurd attempt by all
2030. I emphasise, I am not endorsing anything political parties leading up to the 2022 election
that follows… to ‘out-bribe’ voters that had finally persuaded
Joe Taxadviser was in a reflective mood as he the public that determining tax policy, just like
walked from his kitchen to his home office one setting interest rates, was far too important
day in January 2030. He’d been in practice and to leave in the hands of politicians. Now,
a member of the Chartered Institute of Taxation government decided how much money it wanted
for more than 30 years and he’d been thinking to raise in taxes and the social aspects it wished
a lot about how much things had changed. to achieve but left it entirely to the independent
Yesterday had been a typical example! Office for Tax Policy to decide on the most
He’d started by having the first of several appropriate policy, taxes and rates to achieve
scheduled meetings with clients. He was glad those goals. Despite initial hiccups, the system
no-one had to spend hours every day travelling seemed now to be accepted by all concerned.
to and from work or clients anymore. It had The merging of NIC and income tax had been one
been such a waste of time! It was the roll out of of the early results of this change.
the cheap personal holographic device in 2025 The PTA also allowed timely payments of
coupled with the massive increase in road taxes benefits and had done away with means testing
and rail fares that had finally killed the office problems as it was the individual’s personal
concept at last. He was still able to ‘see’ his staff ‘account’ with the State. As the government
whenever he wanted but he did miss the social knew exactly what everyone’s income was on
contact. The monthly get together just wasn’t a real-time basis, they could impose charges at
the same! the point of sale and credit the PTA of individuals
He then logged on to his Adviser’s Account who merited it. For example, although everyone
with HMRC. As usual, he felt the slight warmth paid their doctor £50 a visit, those deemed to
as he waved his wrist with the implanted identity have insufficient income got an immediate credit
chip over the sensor. It still felt weird but it to their PTA with no-one other than them being
had been painless and at least he didn’t need aware. It had allowed for comprehensive reform
passwords (or keys or passports) anymore. He of the VAT system as well.
looked at the communications from his personal Joe then completed his annual return to the
Automated Inspector (‘A.I.’) which dealt with all tax Regulator. Established in 2021, the Regulator
his cases and responded as appropriate. HMRC’s had ensured that only those properly qualified
headcount had just been reduced by another and ethically compliant could practice tax. The
5% to only 3,200 people and he wasn’t sure how number of members of the CIOT had increased
they would cope. as a result!
He thought about the days when most of his A dream, a nightmare or a curate’s egg? An
work had involved preparing tax returns. Now, absurdity or a realistic prospect? I leave it to
with all information being uploaded directly readers to decide…
into the client’s personal tax account (‘PTA’), his All the best,
role was instead to check the outputs to ensure
his clients were not being overcharged and
planning opportunities identified. The invention
of the hyper-computer capable of handling truly
massive amounts of data effortlessly and with
better than human intelligence had allowed the
government to abolish cash altogether. With all
payments made electronically and bank accounts Determining
mandatory for everyone, all items in those bank tax policy, just
accounts were analysed and tax calculated
accordingly. HMRC’s Tax Calculator extracted like setting interest
data directly from every employer’s systems. rates, was far too
Employers paid employees gross and the correct
tax was taken by direct debit. A similar system important to leave
applied for the self-employed with tax paid John Preston in the hands of
monthly based on actual receipts and expenses. President, CIOT
It was clever how the system identified [email protected] politicians
4 November 2017 | www.taxadvisermagazine.com
DIRECTOR TAXATION
DISCIPLINARY
TAXATION DISCIPLINARY BOARD BOARD
The Association of Taxation Technicians (ATT) wishes You must be a member of the ATT and you may be a
to appoint a Director of the Taxation Disciplinary Board qualified lawyer with significant, relevant experience
(TDB), to succeed the current ATT appointed Director of disciplinary tribunals, however applications from
whose term of office will expire in May 2018. suitably experienced individuals from other disciplines
are also welcome.
The TDB was established as an independent body by
the ATT and the Chartered Institute of Taxation (CIOT) For further details and an application pack, please email
in 2001 to handle complaints against their members Faith Mulera at [email protected]
and students. The CIOT and ATT have together over
Applications must be submitted electronically.
38,000 members and students, and are the leading
professional bodies in the UK concerned solely with Closing date: January 5th 2018 at 5pm.
taxation. Their mission is to advance public education Interviews to be held during January/February 2018.
in, and promote the study of, the administration and
practice of taxation. Further information on the ATT
can be found at www.att.org.uk
In establishing the TDB, the ATT and CIOT took into on the CIOT at www.tax.org.uk
account the Human Rights Act and in particular the and on the TDB at
need for complaints regarding breaches of professional www.tax-board.org.uk
rules of conduct to be considered by a tribunal which
was independent of the body establishing the rules.
European Branch
21st Cross Atlantic & European Tax Symposium
Friday 17th November 2017
Book online at:
Full day conference: 08:30 - 16:45
www.tax.org.uk/21stCrossAtlantic
The Auditorium, Deloitte, 2 New Street Square,
London EC4A 3BZ
Topics to be discussed:
• P olitic s, T ransparenc y and R egulation of • B E P S implementation and the return of
the T ax P rofession B E P S A c tion 1 (D igital E c onomy)
• Corporate T ax B ase • B rex it – impac t on inward investment,
– U S and U K c orporate tax reform c ompetitiveness, is B ritain bec oming a tax
– where nex t? haven?
Confirmed Speakers:
A ndy S olomon, S ullivan & Cromwell N ew Y ork
Chris S anger, E Y H ead of T ax P olic y
Craig Hillier, EY Head of International Tax
H elen M iller, A ssoc iate D irec tor IFS
A c him P ross O E CD
Conference fee: £230
Follow us on our website www.tax.org.uk and Twitter @CIOTE uropeTax for the latest updates on topics
and speakers or join our Facebook group. W e also have a group on L inkedIn.
www.taxadvisermagazine.com | November 2017 5
ATT welcome
[email protected]
Tracy Easman
Hold on to your hats!
Windy autumn is a period when tax The Treasury believes the new Office for
advisers and taxpayers hang on to Professional Body Anti-Money Laundering
their macs and hats as they go about Supervision (OPBAS) will help improve the overall
visiting one another, to ensure things are in standards of supervision and ensure supervisors
place for the run up to the end of the business and law enforcement work together more
year and the online self-assessment deadline. effectively.
This autumn our members may grip those hats OPBAS will set out how professional body AML
slightly firmer than usual as they will be hit with supervisors such as the ATT should comply with
a flurry of tax announcements that will impact their obligations in the new Money Laundering
on their work. Regulations and ensure they do so, with the
Last year, we welcomed the announcement by powers to penalise any breaches of the new
the Government to move to a single fiscal event Regulations.
from 2018 and new timetable to bring forward tax It will be funded through a new fee on
changes so they are legislated for before the start professional body AML supervisors and legislated
of the tax year. After all, the UK is the only major for by the end of the year. We are still waiting for
advanced economy to make major changes to the final details including costs, but we will update our
tax system twice a year. The change should mean supervised members when we know more. The
that members and taxpayers face less frequent Professional Standards team have been speaking at
changes to the tax system and greater certainty some branches and have also run some informative
and stability – but we still have to get through a AML Seminars at Artillery House. These cover the
final hit of double fiscal changes in 2017 before new AML regulations that came into effect on 26
then, with a second full on Budget at the end of the June this year and I would recommend that you
month. review the guidance on our website to ensure that
The onset of autumn will uncover a packed your firm is up to date with these new rules.
schedule for ATT. We have already seen the The Government has replaced the existing
publication of the second Finance Bill of the year Apprenticeship scheme with a new employer
and the Autumn Residential Tax Update Conference designed Trailblazer scheme and the ATT is proud
at Warwick University. I was able to attend the to confirm it is part of the Level 4 Professional Tax
joint AAT & ATT Masterclass in London. A real Technician Apprenticeship standard. Examples
interactive day for everyone with various examples of roles available as a Professional Tax Technician
for us to work through and to get those ‘little grey include, but are not limited to, tax investigations
cells’ working. It highlighted, for me at least, the officer, and personal tax assistant and business tax
many ‘quirks’ of our system – the consideration of assistant.
the Marriage Allowance and interaction with the Another positive note is that the ATT is proud
Savings & Dividend Allowances, the ‘opt in’ to the to have launched its online Foundation Papers
Cash Basis for those who are self employed but the in Personal Taxation and Business Taxation. The
need to “opt out” for landlords. How on earth to online Foundation Papers are ideal for those that
remember them all? I know John Preston is writing work in tax, accountancy and related professions.
about the future of our world in tax on page 4 so For members, it is an ideal opportunity to invest in
maybe our implanted identity chips will have a built junior members of staff to extend their knowledge
in reminder system of what to remember? and broaden the work they can do. It will also be
We now have the publication of the draft attractive to anyone looking for the first step to a
legislation that relate to that second Budget. In formal and prestigious tax qualification, which can
the background are continuing Brexit talks that be furthered later with the full ATT Qualification.
will impact on taxation, especially customs. Then Hold on to your hats until I am back next month!
there is the continuing political fallout from the EU
Referendum.
We still have
The party conference season was lively, with
each party giving clues to varying degrees as to to get through
their likely tax policies. You can say the battles lines
a final hit of double
on tax have been drawn for debates in the House
of Commons in the run up to Christmas. fiscal changes in
In March, the Treasury unveiled plans to
2017, with a second
create a new watchdog that will tackle potential
weaknesses in the Anti Money Laundering (AML) Tracy Easman full on Budget at the
supervisory system that criminals and terrorists Deputy President, ATT
end of the month
may be trying to exploit. [email protected]
6 November 2017 | www.taxadvisermagazine.com