As announced during Spring Announcement 2019 – in the coming months, the Government intends to publish a number of regulations, papers and guides, the most relevant of which are outlined below.
- National insurance contributions (NICs) employment allowance draft regulations – a document inviting technical comments on the draft regulations for the reform of the NICs employment allowance to restrict it to those businesses with an employer NICs bill below £100,000 per tax year.
- Child trust funds (CTF) – consultation on maturing CTFs to ensure that these accounts can retain their tax-free status after maturity.
- VAT partial exemption and capital goods scheme simplification – a call for evidence on potential simplification and improvement of the VAT partial exemption regime and the capital goods scheme to ensure they are as simple and efficient for taxpayers as possible.
- Social investment tax relief (SITR) – a call for evidence on the use of the SITR scheme to date, including why it has been used less than anticipated and what impact it has had on access to finance for social enterprises.
- Enterprise investment scheme (EIS) approved funds guidelines – containing guidelines stating HMRC’s proposed policy and practice for approving funds.
- Capital gains tax private residence relief – a consultation on the changes announced to lettings relief at Budget 2018 and the final period exemption for private residence relief.
The Government will also publish summaries of responses to the following documents, launched at recent fiscal events, including:
- Protecting your taxes in insolvency – a consultation launched in February 2019, following the announcement at Budget 2018 of plans to make HMRC a secondary preferential creditor for certain tax debts paid by employees and customers on the insolvency of a business.
- Corporate capital loss restriction – a consultation on a change announced at Budget 2018 to restrict, from 1 April 2020, the amount of carried-forward capital losses a company can offset to no more than 50% of the chargeable gains arising in a later accounting period.
- Stamp taxes on shares consideration rules – a consultation on aligning the consideration rules of stamp duty and stamp duty reserve tax and introducing a general market value rule for transfers between connected persons.
- Digital services tax – a consultation on the detailed design and implementation of the digital services tax that will take effect from 1 April 2020.