Numerous Government consultations released

Numerous Government consultations released

A number of items have been released, including consultations and draft legislation for technical consultation.

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On Tuesday and Wednesday last week, HMRC and HM Treasury released a number of new tax consultations and pieces of draft legislation, many of which have been awaited for some time. While it is expected for consultations to be released over the summer, we do not usually see so many appearing together while Parliament is not sitting. This delay is perhaps understandable in the light of the EU Referendum purdah that took place earlier in the year, and the subsequent changes in the ministerial team at HM Treasury.

The new consultations include:

Partnership taxation: proposals to clarify tax treatment

The proposals are intended to make the tax treatment of partnerships clearer - see our detailed article for more information.

Lease accounting changes
Following changes to lease accounting by the IASB, the Government is consulting on necessary changes to the existing tax rules for the leasing of plant or machinery. A detailed article on the proposals will follow in next week’s Tax Matters Digest.

Authorised contractual schemes (ACS): reducing tax complexity for investors

The consultation covers the application of the capital allowances regime to ACS investors and new reporting requirements – see our detailed article for more information.

Alignment of dates for ‘making good’ on benefits-in-kind

As announced at Budget 2016, the Government is now consulting on proposals to align the dates by which an employee has to make a payment to their employer in return for a benefit-in-kind they receive, in order to ‘make good’ - see our detailed article for more information.

Simplifying the PAYE Settlement Agreement (PSA) process

The proposals would simplify the process used for agreeing and reporting items in a PAYE Settlement Agreement - see our detailed article for more information.

Tackling Disguised Remuneration: technical consultation

This technical consultation covers proposals announced at Budget 2016 to target disguised remuneration tax avoidance arrangements.

Simplification of the tax and National Insurance treatment of termination payments - consultation on draft legislation

Following the consultation on termination payments last summer, the draft legislation has now been released for consultation.

Draft legislation: the Income Tax (Pay As You Earn) (Amendment No. X) Regulations 2016

The regulations would extend the voluntary payrolling framework to include non-cash vouchers and credit tokens.

Company car tax for ultra-low emission cars

The consultation is seeking views on how best to refocus incentives on the cleanest cars using the latest technologies.

Salary sacrifice for the provision of benefits-in-kind

As announced at Budget 2016, this consultation looks at limiting the range of employee benefits-in-kind that attract Income Tax and NIC advantages when provided as part of salary sacrifice arrangements.

Gift Aid and intermediaries: technical consultation

The proposed regulations would give certain intermediaries a greater role in administering Gift Aid. The measure is designed to make it easier for a donor to use digital platforms to give to multiple charities by allowing the intermediary to complete declarations on the donor’s behalf.

Stamp duty land tax: changes to the filing and payment process

At Autumn Statement 2015, it was proposed to reduce the stamp duty land tax (SDLT) filing and payment window from 30 days to 14 days from 2017- 18, and to consult on the SDLT filing and payment process. The consultation document seeks views on the proposed changes, their design and implementation.

Personal portfolio bonds – reviewing the property categories

At Budget 2016, it was announced that the property categories listed at s520 ITTOIA 2005, which the terms of a life insurance policy can allow to be selected without that policy becoming a personal portfolio bond, would be reviewed. This consultation invites views on the current property categories and further property types that may be included.

Draft legislation: Innovative Finance Individual Savings Account and debt based crowdfunding

Following consultation, HMRC have published a policy paper, draft amendments to the ISA regulations and explanatory notes extending the range of securities that can be held through an Innovative Finance ISA to include certain debentures issued by companies and charities and offered via an electronic system (including those offered via a crowdfunding platform).

Tax treatment of freeplays in Remote Gaming Duty

The consultation is on draft legislation which would align the taxation of free gaming in Remote Gaming Duty with that of free bets in General Betting Duty.

Aggregates Levy - whether to exempt aggregate extracted when laying underground utility pipes

If you have questions on any of the consultations, then please get in touch with your usual KPMG contact.

For further information please contact :

Kayleigh Havard

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