A round up of other news this week.
The Chancellor has written to the Office of Tax Simplification (OTS) to request a review of Inheritance Tax. The review is expected to include the technical and administrative requirements of IHT, practical issues surrounding routine estate planning, and how the current gift rules interact with the IHT rules. A scoping document will be agreed and published in due course.
HMRC have updated their International Manual with a new section on Mutual Agreement Procedures (MAP), a process which enables Competent Authorities of treaty partners to interact with the intention to resolve international tax disputes. We are currently looking at the detail of the guidance and will publish a full article in next week’s Tax Matters Digest.
The Supreme Court has denied permission to appeal in Samarkand, the lead case in film sale and leaseback arrangements, meaning that the Court of Appeal judgment is now the final word. For a short summary of that judgment, please see our previous article here.
The High Court has rejected the Carlton application for judicial review against the issue of Partner Payment Notices (PPNs).
Seven further sets of regulations to implement Welsh tax devolution have been published:
HMRC have released updated draft guidance on the operation of the Northern Ireland Corporation Tax legislation.