2010

Memorandum submitted in September 2010 by the Tax Faculty of ICAEW in response to an informal consultation on draft clauses for the Autumn Finance Bill published on 12 July 2010 by HM Treasury; includes introduction and information about ICAEW and the Tax Faculty; comments on specific clauses: interest: corporation tax and petroleum revenue tax; penalties for failure to make returns etc; penalty for failure to make payments on time; settlor to return excess repayment to trustees etc; venture capital schemes; appendix: the Tax Faculty's Ten Tenets for a Better Tax System. (AI generated description)

Memorandum dated 18 February 2010 from the ICAEW Tax Faculty to the Chancellor of the Exchequer outlining issues ahead of the 2010 Budget. Covers improving how tax law is made; HMRC service standards; business tax issues including large business taxation and e-filing with iXBRL; small business taxation; personal and trust tax issues; HMRC and the tax profession including legal professional privilege; protecting tax revenues. Includes policy recommendations and annexes on ICAEW and the Tax Faculty and the Ten Tenets for a Better Tax System. (AI generated description)

Comments submitted on 13 October 2010 by the Tax Faculty of ICAEW to HM Treasury in response to the consultation document issued on 27 July 2010 by HM Revenue and Customs; includes introduction; who we are; main points; comments and answers to specific questions; appendix: the Tax Faculty's ten tenets for a better tax system. Main points include concerns about bringing statutory reliefs within disclosure rules and that the impact assessment understates training and compliance costs. (AI generated description)

Memorandum submitted on 1 March 2010 by the Tax Faculty of ICAEW in response to HM Revenue and Customs' consultation document published on 9 December 2009 on the Disclosure of Tax Avoidance Schemes (DOTAS) regime; provides general views and specific comments on five measures: change to the timing of promoter disclosure; power to require introducers to provide promoter information; increased penalties for failure to disclose; promoters to provide periodic information about clients issued scheme reference numbers (SRNs); revisions and extensions to the DOTAS hallmarks; includes appendices on ICAEW and the Tax Faculty and the Tax Faculty's ten tenets for a better tax system. (AI generated description)

Memorandum submitted in June 2010 by the Tax Faculty of ICAEW in response to the European Commission public consultation on double tax conventions and the internal market; outlines instances where members experience double taxation not mitigated by treaties or domestic law. Topics include: royalty withholding taxes not fully relieved; potential improvements to the Interest and Royalties Directive for indirect holdings; transfer pricing disputes and limited use of the EU Arbitration Convention; administrative burdens and the UK treaty passport for interest; cross border losses and the CCCTB proposal; cross border dividend payments and ECJ cases Damseaux and Kerckhaert-Morres; restrictions from the UK worldwide debt cap on interest relief; exit taxes; issues with profit allocation among multiple permanent establishments; includes the Tax Faculty's ten tenets for a better tax system. (AI generated description)

Representation submitted on 24 September 2010 by ICAEW's Tax Faculty in response to the European Commission consultation 'Possible approaches to tackling cross-border inheritance tax obstacles within the EU' (issued 25 June 2010); recommends encouraging Member States to adopt domestic and bilateral mechanisms to eliminate double taxation and to develop high level EU guidance based on case law; discusses UK IHT interactions, treaty coverage, SMEs, and includes the Tax Faculty's Ten Tenets for a Better Tax System in an appendix. (AI generated description)

Memorandum of comment submitted by ICAEW's Tax Faculty in March 2010 responding to HMRC's consultation paper 'Extra statutory concessions: third technical consultation on draft legislation' published in December 2009; supports legislating listed concessions and highlights concern about the drafting of ESC C4 on trading activities for charitable purposes; summarises seven concessions covered and recommends wording changes to Income Tax Act 2007; includes appendix setting out the Tax Faculty's ten tenets for a better tax system. (AI generated description)

Memorandum submitted on 4 November 2010 by the Tax Faculty of ICAEW concerning Finance (No 2) Bill 2010 clause 7 on requiring settlors to return excess repayments to trustees; explains background and concerns about administrative burdens and lack of symmetry between settlor and trustees; proposes a look-through solution with the settlor taxed and recourse to trustees; if not adopted, recommends legislative amendments: define excessive tax credit and computation by regulations; allow trustees to request HMRC certificates or provide them automatically; and insert a specific inheritance tax exemption; includes appendices: who we are; the Tax Faculty's ten tenets for a better tax system. (AI generated description)

Parliamentary briefing submitted on 6 April 2010 by the Tax Faculty of ICAEW in relation to Finance Bill 2010 published on 1 April 2010; outlines concerns about limited Parliamentary scrutiny and recommends deferring certain measures. Contents include: introduction; who we are; key points summary; a Finance Bill needs adequate Parliamentary scrutiny; specific points and recommendations on pensions high income excess relief charge; charities and community amateur sports clubs definitions and miscellaneous amendments; foreign currency bank accounts; penalties for offshore income; transactions in securities; disclosure of tax avoidance schemes; security for payment of PAYE; furnished holiday lettings; and the Tax Faculty's ten tenets for a better tax system. (AI generated description)

Memorandum on the Finance Bill of June 2010 submitted on 9 July 2010 to Government by the Tax Faculty of ICAEW; includes introduction; who we are; detailed comments on clauses covering corporation tax rate for 2011; rates of capital gains tax with transitional and entrepreneurs' relief issues; VAT rate change; power to repeal high income excess relief charge; amounts not fully recognised for accounting purposes; further contact; appendix: the Tax Faculty's ten tenets for a better tax system. (AI generated description)

ICAEW Tax Faculty representation presenting the results of a member survey into HMRC's customer service standards conducted between May and July 2010; examines telephone and postal contact performance, accuracy of processing, technical knowledge of HMRC staff, Agent Dedicated Lines, VAT queries, and PAYE coding notices; includes findings, background, and recommendations for improvement; annexes include the Tax Faculty's Ten Tenets for a Better Tax System, background to the survey series, an extract from Hansard on HMRC telephone services, and additional tables. (AI generated description)

Memorandum of comment submitted in March 2010 by ICAEW's Tax Faculty in response to the consultation paper Implementing the restriction of pensions tax relief published in December 2009 by HM Treasury and HM Customs and Excise; outlines major concerns about complexity, retroactive effects, and administrative burdens; discusses background to the measures, valuation of defined benefit contributions, application and delivery of the restriction, and options for paying resulting charges; includes appendices on the Tax Faculty's ten tenets for a better tax system and comments made during passage of Finance Act 2004. (AI generated description)

Memorandum submitted on 23 September 2010 by the Tax Faculty of ICAEW in response to an HM Revenue and Customs consultation on improving the operation of PAYE; addresses proposals for Real Time Information (RTI) and Centralised Deductions (CD); discusses costs and feasibility for employers, implications for HMRC systems including NPS, interactions with NEST and student loans, and data and security considerations; includes introduction; who we are; main points; comments and answers to specific questions; the Tax Faculty's ten tenets for a better tax system. (AI generated description)

Memorandum submitted by the ICAEW Tax Faculty providing initial comments on the UK Chancellor's 2010 Budget. Includes general concerns about passing complex measures before the general election and specific comments on Budget Notes 11 (enhanced capital allowances), 41 (transactions in securities anti-avoidance), 64 (DOTAS penalties and scope), 68 (tackling offshore tax evasion), and 70 (security for payment of PAYE); outlines risks of insufficient parliamentary scrutiny, disproportionality of penalties, retrospection, and burdens on compliant taxpayers. (AI generated description)

Memorandum submitted on 3 March 2010 by the Tax Faculty of ICAEW responding to HMRC's December 2009 consultation on draft legislation to harmonise interest rules for corporation tax and petroleum revenue tax; includes introduction; background to the draft legislation; general comments; specific comments on Schedule 1 Interest: corporation tax; Annex A - who we are; Annex B - the Tax Faculty's ten tenets for a better tax system. (AI generated description)

Memorandum submitted on 3 March 2010 by the Tax Faculty of ICAEW in response to HMRC consultation and draft legislation published on 9 December 2009; covers background to the draft legislation; general comments; detailed comments on Schedule 1: penalties for failure to make returns; detailed comments on Schedule 2: penalties for late payment of tax; annexes outlining who the Tax Faculty are and the Tax Faculty's Ten Tenets for a Better Tax System. (AI generated description)

Memorandum submitted in January 2010 by the Tax Faculty of ICAEW responding to an HMRC consultation on applying the Social Security (Categorisation of Earners) Regulations 1978 to lecturers, teachers, instructors and those in a similar capacity; argues that HMRC proposals extend beyond the original policy aimed at teachers in educational establishments and risk drawing training activities into scope; recommends retaining the educational establishment test and aligning guidance with original policy; includes introduction, key point summary, comments, answers to consultation questions, and annexes on ICAEW/Tax Faculty and the Ten Tenets for a Better Tax System. (AI generated description)

Comments submitted on 14 May 2010 by the Tax Faculty of ICAEW in response to an HM Treasury consultation on travel and subsistence expense schemes for national minimum wage workers; discusses proposal to exclude temporary workplace travel expenses from counting towards NMW pay; highlights likely negative financial impact on low-paid workers and employment businesses, administrative burdens, and potential misinterpretations; recommends excluding employer-paid deductible expenses from NMW calculations and clarifying that there is no entitlement to additional travel expenses on top of NMW; comments on timing and administrative costs. (AI generated description)

Memorandum submitted on 22 January 2010 by the Tax Faculty of ICAEW in response to a consultation document published in November 2009 by OECD; contents include: introduction; general points; Annex A - who we are; Annex B - the Tax Faculty's ten tenets for a better tax system. (AI generated description)

Memorandum submitted in August 2010 by the Tax Faculty of ICAEW in response to an OECD request for comments on future work on the transfer pricing aspects of intangibles; recommends an analytical study prior to updating the OECD Transfer Pricing Guidelines; discusses developments such as global brands, internet and e-commerce, treatment under IAS 38 and IFRS 3, CUP method considerations, legal versus economic ownership, and interactions with customs duties; includes the Tax Faculty's ten tenets for a better tax system. (AI generated description)

Memorandum submitted in April 2010 by the Tax Faculty of ICAEW providing a second, detailed response to a discussion document on proposals for CFC reform; addresses EU Treaty compliance concerns; welcomes exclusions for capital gains and comparable jurisdictions; discusses intra-group transactions, anti-swamping, treasury operations, finance company exemptions, and IP transfer and management; includes responses to questions 2A to 4D and an appendix setting out the Tax Faculty's ten tenets for a better tax system. (AI generated description)

Memorandum submitted on 19 February 2010 by the Tax Faculty of ICAEW providing an initial high level response to HM Treasury and HM Revenue and Customs' discussion document on CFC reform; outlines initial reaction and questions whether a CFC regime remains necessary; welcomes aspects of the proposals including exclusions for capital gains and certain trading activities; raises concerns about compliance with EU law, particularly in light of the ECJ Cadbury Schweppes case; provides initial comments on monetary assets and intellectual property proposals; includes appendices on ICAEW and the Tax Faculty and the Tax Faculty's Ten Tenets for a Better Tax System. (AI generated description)

Memorandum submitted in January 2010 by the Tax Faculty of ICAEW responding to an OECD consultation on proposed revisions to chapters I-III of the OECD Transfer Pricing Guidelines; addresses the arm's length principle including global formulary apportionment and CCCTB; comparability analysis and recognition of actual transactions; transfer pricing methods including TNMM and selection of appropriate methods; use of secret information by tax administrations; treatment of special situations in comparables; timing issues including mutual agreement procedure and arbitration; includes annexes on ICAEW and the Tax Faculty and the Tax Faculty's Ten Tenets for a Better Tax System. (AI generated description)

Representation submitted in June 2010 by ICAEW's Tax Faculty responding to HM Revenue and Customs' Equality Impact Assessment on reshaping the face to face Enquiry Centre service; covers flaws in HMRC research; need versus preference for face to face contact; telephone, mail and email alternatives; opening hours and seasonal demand; location and accessibility of Enquiry Centres; mobile and community outreach options; tax credits proof of identity interviews; impacts on costs and Your Charter obligations; communication of changes. (AI generated description)

Memorandum submitted on 26 August 2010 by the Tax Faculty of ICAEW in response to a consultation document issued on 27 July 2010 by HM Treasury and HM Revenue and Customs on the restriction of pensions tax relief; outlines general points and key recommendations including adopting an annual allowance-based approach, maintaining stability, considering a flat factor or age-related factors for valuing DB schemes, allowing carry forward and carry back of unused annual allowance, retaining the lifetime allowance at GBP 1.8 million, preserving exemptions in the year benefits commence, exempting death and serious ill health, and aligning pension input periods with the tax year; includes detailed comments on policy design, valuation of defined benefit contributions, compliance and information requirements, and treatment of overseas schemes; appendices set out the Tax Faculty's Ten Tenets for a Better Tax System and example defined benefit calculations. (AI generated description)

Memorandum submitted on 22 January 2010 by the Tax Faculty of ICAEW in response to an OECD consultation on a revised discussion draft of a new article 7 of the OECD Model Tax Convention. Contents include: introduction; our comments on documentation requirements for permanent establishments and dealings within enterprises; Annex A - who we are; Annex B - the Tax Faculty's ten tenets for a better tax system. (AI generated description)

Comments submitted in June 2010 by the Tax Faculty of ICAEW in response to the HM Revenue and Customs Equality Impact Assessment consultation on revising Contact Centre opening hours; includes key points and specific comments on research undertaken; opening times; communication of changes; better use of IVR technology; costs of contacting HMRC; assessment of impact of changes; includes the Tax Faculty's ten tenets for a better tax system. (AI generated description)

Memorandum submitted on 27 September 2010 by the Tax Faculty of ICAEW to HM Revenue and Customs in response to the technical discussion paper Scale of costs in successful court actions for debt (1 July 2010); sets out views on HMRC's proposal to seek costs in successful court actions for debt; recommends discretion for those who cannot pay; discusses the fixed costs scale, circumstances where legally-qualified staff may be used, and a suggested threshold for departing from the fixed scale; includes introduction; who we are; key points summary; specific comments; appendix: the Tax Faculty's ten tenets for a better tax system. (AI generated description)

Memorandum submitted by the Tax Faculty of ICAEW responding to a discussion document on capital gains tax for groups of companies. Topics include treatment of pre-entry capital losses and proposal for a de minimis threshold; adoption of a tax motive test for value shifting and a six-year look-back for depreciatory transactions; de-grouping charge reforms including interaction with SSE and quasi-SSE relief; recommendation to reduce certain look-back periods to three years. Contents include: Introduction; Who we are; Comments; The Tax Faculty's ten tenets for a better tax system. (AI generated description)

Memorandum submitted on 22 January 2010 by the Tax Faculty of ICAEW in response to a consultation document published in October 2009 by HM Treasury and HM Revenue and Customs on the simplification review of the associated company rules as they apply to the small companies' rate of corporation tax; contents include: introduction; summary; general points; comments on the draft guidance; specific questions; Annex A - who we are; Annex B - the Tax Faculty's ten tenets for a better tax system. (AI generated description)

A memorandum of comment submitted in March 2010 by the Tax Faculty of ICAEW in response to HM Treasury's consultation document Tax Framework for Business published on 21 February 2010; discusses principles of a good tax system and the Ten Tenets; addresses the need for certainty, the role of legislation and guidance, and improvements to the Finance Bill process; sets out recommendations on consultation, simplification and timetables; considers UK competitiveness; includes an appendix reproducing the Tax Faculty's Ten Tenets for a better tax system. (AI generated description)

Memorandum submitted in September 2010 by the Tax Faculty of ICAEW responding to HM Treasury and HM Revenue and Customs discussion document Tax policy making: a new approach (22 June 2010); includes introduction; who we are; general comments; comments on specific proposals to promote predictability, stability, simplicity, scrutiny and transparency; the Tax Faculty's ten tenets for a better tax system. (AI generated description)

Memorandum dated 2 June 2010 from the Tax Faculty of ICAEW to the Chancellor of the Exchequer ahead of the 2010 Emergency Budget; sets out key issues and policy recommendations on tackling the budget deficit, restoring confidence in the UK tax system, improving tax law and simplification, business tax policy, HMRC service standards, and comments on specific coalition proposals including capital gains tax, tax avoidance, furnished holiday lettings, and non-domiciled individuals; includes the Tax Faculty's ten tenets for a better tax system. (AI generated description)

Written evidence submitted by the ICAEW Tax Faculty to the Treasury Sub-Committee on HMRC's administration and effectiveness. Includes introduction; who we are; scope of the inquiry; executive summary; and answers to questions on HMRC performance, spending review implications, ability to deliver tax compliance, PAYE reform, and future priorities including improved e-services and RTI testing and implementation. (AI generated description)

Memorandum submitted on 1 February 2010 by the ICAEW Tax Faculty to HM Revenue and Customs commenting on draft legislation and explanatory note for venture capital schemes published on 9 December 2009; contents include: introduction; key point summary; specific comments on the legislation; effective changes in venture capital policy caused by the adoption of the EU definition of small enterprise; annexes on who ICAEW and the Tax Faculty are and the Tax Faculty's ten tenets for a better tax system. (AI generated description)

Memorandum submitted on 3 March 2010 by the Tax Faculty of ICAEW in response to HMRC's consultation 'Working with tax agents: the next stage' published on 9 December 2009; includes introduction, key point summary, general comments, and answers to specific questions covering deliberate wrongdoing by tax agents, disclosure to professional bodies, penalties and sanctions, access to working papers, and high volume repayment agents; includes Annex A: who we are; Annex B: the Tax Faculty's ten tenets for a better tax system. (AI generated description)

Comments submitted on 23 March 2010 by the Tax Faculty of ICAEW in response to HM Revenue and Customs' draft legislation published on 8 February 2010; critiques the breadth of definitions of deliberate wrongdoing and tax agent, proportionality of sanctions and penalties, and safeguards around access to agents' working papers and tribunal rights; calls for narrower targeting, stronger safeguards, and further consultation before legislation proceeds. Contents include: introduction; who we are; key point summary; general comments; detailed comments and concerns on the draft legislation; the Tax Faculty's ten tenets for a better tax system. (AI generated description)