A number of changes were implemented in 2015/16 to National Insurance Constributions (NICs), with more coming next year. A short summary of each of these is provided below.
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In Monitor Audio Limited v HMRC (2015) TC04541, the tribunal considered whether for purposes of the Research and Development (R&D) relief SME tests, whether a “partner enterprise” was an institutional investor.
Intermediaries Legislation (IR35): discussion document; HMRC are openning a discussion in order to consider how the intermediaries legislation "IR35" can be improved.
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HMRC have made another announcement about the Employment Related Securities (ERS) Online service, as follows:
Time is running out for employers to use HMRC's Employee Benefit Trust (EBT) Settlement Opportunity (EBTSO). It ends on 31 July 2015. Advisers and their client need to act quickly and consider the consequences of not settling their liabilities now.
In East Allenheads Estates Ltd v CRC (2015) TC04513, the First Tier Tribunal (FTT) dismissed a claim for Enterprise Investment Scheme (EIS) deferral relief. The company was not a qualifying company at the time of the investment.
There is widespread confusion about how the chancellor's proposed changes to the taxation in dividends will work from 2016/17.
The Low Incomes Tax Reform Group (LITRG) is calling on HMRC to clear up confusion over future levels of child tax credit thresholds. LITRG have conveyed these concerns in the following statement issued after last week's budget: