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  • stephaniegreen0

Finance Bill

The current Finance Bill has been amended to ensure HMRC can use the Discovery Assessment provisions in s. 29 TMA 1970 to recover unpaid tax arising from the higher income child benefit charge or certain pension-related charges. Sections 95-97 achieve this by shifting the focus of the legislation away from "undeclared income" to "an amount of tax that ought to have been assessed". Of particular interest is s. 95(3), which provides that the amendments will have retrospective effect, unless the assessment is subject to an appeal notice that was given to HMRC before 30 June 2021.

HMRC is inviting responses to a consultation on uncertain tax treatment, in relation to new rules affecting large businesses from 1 April 2022.

HMRC is considering the situation where an employee is reimbursed by the employer for the actual cost of electricity used in charging an electric vehicle for business purposes.

This is to determine what evidence can be provided, to allow the employer to claim the related VAT, subject to the normal rules. Simplification measures are also being considered.

Finally, the government has opted not to change the VAT status of land and property supplies to taxable by default following consideration.

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