The UK Office of Tax Simplification (OTS) has published its first report of its review into inheritance tax (IHT). The report, in which STEP is widely quoted, finds that the process for completing IHT forms is too complex and old fashioned, and that too many people are having to fill them in unnecessarily. The OTS… Read More OTS report supports STEP’s calls for simplification
Update: 18 January Further to the post last week alerting members to an issue with SA900 forms, HMRC has issued the following update: ‘In December 2017, we advised of an issue affecting a small number of SA900 forms filed electronically which resulted in some inaccurate calculations where there is a capital gain liability. The problem… Read More HMRC message regarding SA900 forms
Update: 19 October HMRC has asked us to disseminate the following: ‘The new TRS is now available for agents to use. As part of this online process, agents will be taken through the steps to create an Agent Services account before they can register on behalf of trustees. Agents use the link from http://www.gov.uk/trusts-taxes/trustees-tax-responsibilities to… Read More Update: TRS now open to agents
Agents remain unable to access the Trust Registration Service (TRS) after technical errors were identified in the system, HMRC has confirmed. However, the deadline for completing the register of a trust for self-assessment and providing beneficial ownership information remains 5 December 2017. This news comes shortly after HMRC published its comprehensive guidance for the new… Read More Technical hitches remain for access to UK Trust Registration Service
STEP members may be interested in a reasoned debate that took place last Wednesday, 6 September in the UK House of Commons, which gave some insight into the view of both the opposition and the government as to how offshore trusts are perceived. Parliament came back from its summer holidays last week, albeit not for… Read More Policy watch: Debating the UK Finance Bill
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