A round up of other news this week.
Explanatory notes on Government amendments to Finance Bill 2018 at Report Stage have been published. The amendments concern benefits in kind on diesel vehicles, rates of VED, and pension schemes.
The Office of Tax Simplification (OTS) has published the scoping document for its review into inheritance tax (IHT). A call for evidence will be published in due course.
HMRC have published their manual on Museums and Galleries Exhibition Tax Relief. This is a new tax relief which can be very valuable to museums, galleries, libraries and stately homes. Most affected charities will be able to make their first claims in the coming months. If you have any queries about the relief and how it could affect your charity, please get in touch with Helen Guy or Will Simpson.
HMRC have announced that the deadline for making R&D claims for certain reimbursed expenses has been extended from 31 January 2018 to 30 April 2018. If you have any queries on making these claims, please contact Graham Steele or Helen Guy.
The First-tier Tribunal (FTT) has allowed an appeal against a penalty for the late filing of an SDLT land transaction return, finding that the taxpayer’s issues with getting the information needed to file the return constituted a reasonable excuse for the late filing.
The Scottish Government have published a consultation on first time buyers’ relief for Land and Buildings Transaction Tax (LBTT). The relief would have the effect of raising the zero tax LBTT threshold for first-time buyers, of any age, from £145,000 to £175,000.
The UK accounted for over half of the total European fintech investment ($7.4 billion) and 14 percent of the global total ($31 billion), according to KPMG in the UK’s Pulse of Fintech report.
KPMG in the UK’s Chief Economist, Yael Selfin, looks at January’s inflation figures.