HMRC are proposing introducing special procedures for partnerships, jointly owned property and sub-contractors in the construction industry whereby one person is made responsible for providing information which will then automatically be added to the individual partner’s/joint property owner’s/ sub-contractors digital account.
Making Tax Digital: Bringing business tax into the digital age
Published on 29th September 2016
Whilst there are no concessions under the WDF, the severe penalties which will be imposed in respect of offshore tax evasion which will take effect under new rules in 2018 should serve as an incentive to use this disclosure opportunity.
Last chance for offshore disclosure – New Worldwide Disclosure Facility announced
Published on 16th September 2016
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The mechanism for bringing such UK residential property held in this way into the UK tax net will be to remove these structures from the definition of excluded property – and therefore no longer excluded from IHT.
Update on the reforms to non-domiciliaries (non-doms)
Published on 31st August 2016
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