Draft legislation: taxation of coronavirus (COVID-19) support payments, ICAEW REP 37/20, 12th June 2020

Object Type: Asset
In Folder: ICAEW Representations, 2020

Expand to show object metadata

Draft legislation: taxation of coronavirus (COVID-19) support payments, ICAEW REP 37/20, 12th June 2020

ICAEW Tax Faculty response issued on 12 June 2020 to HMRC's draft legislation on the taxation of coronavirus (COVID-19) support payments; summarises provisions on taxability of grants, HMRC powers to recover overpayments and levy penalties; recommends explicit legislative clarity on tax treatment, NIC classes, application of Scottish or Welsh rates, and the impact on payments on account; proposes extending the notification period to 90 days; raises concerns that the penalty framework in Sch 41 FA 2008 and Sch 24 FA 2007 may oblige HMRC to charge penalties beyond deliberate non-compliance. (AI generated description)

Dublin Core Metadata

title: Draft legislation: taxation of coronavirus (COVID-19) support payments, ICAEW REP 37/20, 12th June 2020

creator: Tax Faculty

creator: ICAEW

subject: Taxation

subject: Coronavirus

subject: Business operations

subject: Personal taxation

subject: Income tax

subject: Tax compliance

description: ICAEW Tax Faculty response issued on 12 June 2020 to HMRC's draft legislation on the taxation of coronavirus (COVID-19) support payments; summarises provisions on taxability of grants, HMRC powers to recover overpayments and levy penalties; recommends explicit legislative clarity on tax treatment, NIC classes, application of Scottish or Welsh rates, and the impact on payments on account; proposes extending the notification period to 90 days; raises concerns that the penalty framework in Sch 41 FA 2008 and Sch 24 FA 2007 may oblige HMRC to charge penalties beyond deliberate non-compliance. (AI generated description)

publisher: ICAEW

contributor:

date: 2020-06-12

type: Text

format: pdf

identifier: ICAEW REP 37/20

language: en

relation: ICAEW Representation

ICAEW Metadata

Content Type: Representation

Notes: MEP NK

Show more ▼