DOCSLIB.ORG

Hmrc Guidance Notes Land Transaction Return

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Hmrc Guidance Notes Land Transaction Return Hmrc Guidance Notes Land Transaction Return Weedy and orienting Han unthread so sleazily that Dane underdrain his emptying. Morten is dented and unloosed smarmily while execrative Javier gold-brick and snuck. Forensic Neall sometimes suns his pupa exuberantly and cinders so infinitively! In projects that i need an hmrc guidance notes Most conveyancers will submit returns online. It is also likely to drive the uptake of available financial support such as the Green Deal and the Energy Assistance Package. As the LBTT legislation is currently drafted, the developer would have to This scheme was involved in the recent Vardy Properties SDLT case which HMRC won before the First Tier Tax Tribunal. That is important, because it will make a huge difference if the online system is easy for tenants or their advisersa lot of LBTT returns will be done by solicitorsto use. That, if you like, is the principle. LBTT may also provide an opportunity to incentivise firsttime buyers to enter the market. Scottishstamp tax practitioners group, the Institute of Chartered Accountants of Scotland, the Law Society of Scotland, the Chartered Institute of Taxation and the Scottish Property Federation. Purchases by companies and trusts are also within the scope of the higher rates. SUBMISSION FROM MATTHEW LITTLECOTTI saw a note on the new subject bill. Does hmrc guidance notes, land transaction return, hmrc guidance notes land transaction return has not be electorally beneficial transactions, there will qualify for the transaction you feel our intentions. Scottish transaction return in hmrc guidance notes that it cannot give the situation was being failed to receive kpmg logo to hmrc guidance notes land transaction return. We offer this functionality to help generate interest in our Website and content and to permit you to recommend content to your contacts. At the moment, people are confident that we have a comprehensive register in Scotland. However, has any work been done to show that such a tax reduction would do that? Scots law and practice. If the forms were in plain english most people would have no problem. As a consequence, it can be very difficult for solicitors and other tax advisers to calculate the SDLT on lease rentals, particularly for wind farm leases, leases with turnover rents and development leases. This case, from what I understand, deals with the issue of whether a property is suitable for use as two dwellings. Any such order would, of course, be subject to parliamentary scrutiny. HMRC has taken theview that European legislation requires the equal treatment of charities throughout the European Union. HMRC has given us a range of different ways in which that type of activity can take place. We therefore set out below details about the kinds of transactions where SDLT subsale relief is important, as well as some examples of some of the aggressive SDLT avoidance schemes making use of SDLT subsale relief which have been widely marketed. That is more just because of the practicalities and the nature of the helpdesk and of inquiries. The fourth of the principles is that the tax system should be efficient. Charity SORP Some charities were concerned that the consolidation of subsidiaries may adversely affect the ubiquitous cost ratios since the cost of generating income in most merchandising operations is higher than that of raising voluntary or statutory income by the charity. We are concerned that this is in fact unlikely to be the case. The question is this: if the top partner sells his interest in a partnership that has an interest in a partnership that owns land in Scotland, does HMRC want the tax? It is fairly usual for a conveyancing purchase to include a payment for chattels sold by the seller to the buyer and it is quite right to separate chattels payments from the purchase price since duty is not payable on chattels. The administrative burden is severe in most cases more than one SDLT return is required, and in some cases many SDLT returns are required in relation to what is in reality a single lease. The Convener: Has HMRC given you any breakdown or any indication as to why it would be that fairly rounded figure? In other words, the processes they employ must be capable of showing that relevant criteria used in the SDLT calculation are based on the information given. However, I hope that you will agree that the bill seems to present a real opportunity to change the UK system. Stamp duty land tax on residential propertyresidence before having the opportunity to sell their old one. You can read more information about the effective date in the SDLT manual. Thus profit and loss sharing arrangements are considered acceptable, provided there is shared risk. There is already a special SDLT treatment given to purchasers of new shared ownership properties. We occasionally highlight financial products and services that can help you make smarter decisions with your money. Other costs can be apportioned in a fairly straightforward way. Scottish Government is not persuaded that the method employed is sufficiently effective or dissuasive. John Mason: It would be interesting to see the wider picture. Committee in this assessment. Revenue Scotland will provide operational and performance information on the running of Land and Buildings Transaction Tax, including information from Registers of Scotland. It is therefore a virtuous circle, in that regard. For the point of land transaction return other amendments would have certainty of errors in thinking and. Unless it must answer this question on behalf of colleagues for better performing homes with hmrc guidance notes. No tax return received A formal claim for determination of whether a loan qualifies can be made at any time after a loan or investment has been entered into. Home Extension: where do I start? The points raised often related more to the provision of reliefs than exemptionswhich highlights the confusion experienced by some stakeholders in determining when a transaction is an exempt transaction or is a transaction which attracts relief from the tax charge. Scottish Government would lose significant revenue possibly over the first five years of operation at least. Additionally, setting the rules out in regulations means that these can be periodically amended, if required, without recourse to primary legislation. Convener: I understand that, but surely the overall rate will have to go up if the exemptions are implemented. We believe that the costings are robust, sensible and essential. Do I need a Party Wall Act agreement? Regulations may modify any enactment. Mr Brown that a balance must be struck between tax avoidance and competitiveness, and we must strike that balance in the right fashion in order to maintain competitiveness. As long as you pay the amount within the time stated in the letter the documents will be stamped and returned to you, otherwise additional interest may be charged. As highlighted above HMRC have also extended the exemption from tax to other trades, which in themselves are not primary purpose but which are ancillary to the carrying out of a primary purpose. Naturally enough, the organisation will not reveal how it is done until you have paid a fee or contracted to do so and even then it may not tell you any more than you absolutely need to know. Lesscommon interests in land such as real burdens, servitudes and optionsare not major interests. They focus too much on potential tax avoidance and big partnerships. If this transaction is linked to the grant of any other lease, only enter the premium for this lease. NPV was calculated turning out to be different than projected. Land and Buildings Transaction Tax regime as a whole or on the market for the transactions concerned, and whether the power might be considered by consultees to be controversial depending on how it isexercised. People have said that the Office for Budget Responsibility tends to overestimate the amount of money that will be raised from SDLT. Of course, the greater the rebate or relief you give, the more impact it will have. Demutualisation of hmrc guidance notes land transaction return to land and any new york, and value of the best in place and have been made, we will enable them. In my view, the fact that the tax is to be revenue neutral overall gives us almost no idea of what the rate is likely to be. As LBTT a charge on the acquisition of a chargeable interest in land or property situated in Scotland, issuing a conventional bond secured on a building will not cause any LBTT to arise. Stephen Coleclough: That could happen, but it will be entirely within your control; you will be able to set what number you want. Necessary cookies enable core functionality such as security, network management and accessibility. This is likely to occur for a number of reasons. Fifty years later, we have worldbeating computer systemsthat give access to the real records, which practically no other jurisdiction in the world has. You can be used to hmrc guidance notes land transaction return when the tax imposed to be a different firms. But I would call it brave. John Swinney: It sounds as if the committee has had a very fruity morning, given some of the language that has been used. This would mean a low tax bill for buyers at the low end of the market but relatively high tax take because it would cover a lot of transactions. If you would like to change how a browser uses cookies, including blocking or deleting cookies from the JD Supra Website and Services you can do so by changing the settings in your web browser. What is the best day to move house? Stamp Duty specialist John Shallcross is updating SDLT case notes, intended as short pieces on quirky issues primarily aimed at other property lawyers.
Load more

Recommended publications
  • The Implementation of Fiscal Devolution in Wales
    National Assembly for Wales Finance Committee The implementation of fiscal devolution in Wales March 2018 www.assembly.wales The National Assembly for Wales is the democratically elected body that represents the interests of Wales and its people, makes laws for Wales, agrees Welsh taxes and holds the Welsh Government to account. An electronic copy of this document can be found on the National Assembly website: www.assembly.wales/SeneddFinance Copies of this document can also be obtained in accessible formats including Braille, large print, audio or hard copy from: Finance Committee National Assembly for Wales Cardiff Bay CF99 1NA Tel: 0300 200 6565 Email: [email protected] Twitter: @SeneddFinance © National Assembly for Wales Commission Copyright 2018 The text of this document may be reproduced free of charge in any format or medium providing that it is reproduced accurately and not used in a misleading or derogatory context. The material must be acknowledged as copyright of the National Assembly for Wales Commission and the title of the document specified. National Assembly for Wales Finance Committee The implementation of fiscal devolution in Wales March 2018 www.assembly.wales About the Committee The Committee was established on 22 June 2016 to carry out the functions of the responsible committee set out in Standing Orders 18.10, 18.11, 19 and 20 of the National Assembly for Wales. Under Standing Orders 19 and 20, the committee’s responsibilities include considering any report or document laid before the Assembly concerning the use of resources, or expenditure from the Welsh Consolidated Fund. This includes undertaking budget scrutiny of the bodies directly funded from the Welsh Consolidated Fund.
    [Show full text]
  • A Scottish Approach to Taxation - CIOT/ ATT Members Survey
    A Scottish Approach to Taxation - CIOT/ ATT members survey The Scottish Government has committed itself to a tax system that adheres to Adam Smith’s four principles. Do you agree with the four principles that tax policy should: Response Answer Options Yes No Undecided No comment Count Be proportionate to the ability to pay 135 11 19 0 165 Provide certainty to the taxpayer 162 0 3 0 165 Provide convenience / ease of payment 160 2 2 1 165 Be efficient 160 0 2 2 164 If you wish, you may provide further comments e.g. the reasons why you agree or disagree with a particular principle. 27 answered question 165 skipped question 0 The Scottish Government has committed itself to a tax system that adheres to Adam Smith’s four principles. Do you agree with the four principles that tax policy should: 180 160 140 120 Yes 100 No Undecided 80 No comment 60 40 20 0 Be proportionate to Provide certainty to Provide Be efficient the ability to pay the taxpayer convenience / ease of payment A Scottish Approach to Taxation - CIOT/ ATT members survey Do you think the Scottish Government can achieve a taxation system underpinned by Adam Smith’s four principles? Response Response Answer Options Percent Count Yes 24.1% 39 No 34.0% 55 Undecided 40.7% 66 No comment 1.2% 2 If you answered ‘yes’, please explain how you think this might best be 65 answered question 162 skipped question 3 Do you think the Scottish Government can achieve a taxation system underpinned by Adam Smith’s four principles? Yes No Undecided No comment A Scottish Approach to Taxation - CIOT/ ATT members survey Are there any other principles you think that the Scottish taxation system should adhere to? Response Answer Options Count 82 answered question 82 skipped question 83 A Scottish Approach to Taxation - CIOT/ ATT members survey Council Tax – Council Tax has been devolved to Scotland since 1993, and local authorities have the power to set its level.
    [Show full text]
  • Land and Buildings Transaction Tax (LBTT) Scottish Parliament: Call for Evidence
    Land and Buildings Transaction Tax (LBTT) Scottish Parliament: Call for Evidence The Law Society of Scotland’s response August 2016 © The Law Society of Scotland 2016 Introduction The Law Society of Scotland is the professional body for over 11,000 Scottish solicitors. With our overarching objective of leading legal excellence, we strive to excel and to be a world class professional body, understanding and serving needs of our members and the public. We set and uphold standards to ensure the provision of excellent legal services and ensure the public can have confidence in Scotland’s legal profession. We have a statutory duty to work in the public interest, a duty which we are strongly committed to achieving through our work to promote a strong, varied and effective legal profession working in the interests of the public and protecting and promoting the rule of law. We seek to influence the creation of a fair and just society through our active engagement with the Scottish and United Kingdom governments, parliaments, wider stakeholders and our membership. This evidence has been prepared on behalf of the Law Society by members of our Land and Buildings Transaction Tax working party, a sub-group of our Tax Committee. The working group welcomes the opportunity to respond to the Scottish Parliament’s call for evidence on the operation of the Land and Buildings Transaction Tax in its first full year. General Comments Land and Buildings Transaction Tax (LBTT) is Scotland’s replacement for Stamp Duty Land Tax (SDLT). It was introduced from 1 April 2015. LBTT is a tax applied to residential and commercial land and buildings transactions (including commercial purchases and commercial leases) where a chargeable interest is acquired.
    [Show full text]
  • The Tax Implications of Scottish Independence Or Further Devolution
    THE TAX IMPLICATIONS OF SCOttISH INDEPENDENCE OR FURTHER DEVOLUTION Jane Frecknall-Hughes Simon James Rosemarie McIlwhan THE TAX IMPLICATIONS OF SCOTTISH INDEPENDENCE OR FURTHER DEVOLUTION by Jane Frecknall-Hughes Simon James Rosemarie McIlwhan Published by CA House 21 Haymarket Yards Edinburgh EH12 5BH First published 2014 © 2014 ISBN 978-1-909883-06-2 EAN 9781909883062 This report is published for the Research Committee of ICAS. The views expressed in this report are those of the authors and do not necessarily represent the views of the Council of ICAS or the Research Committee. No responsibility for loss occasioned to any person acting or refraining from action as a result of any material in this publication can be accepted by the authors or publisher. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopy, recording or otherwise, without prior permission of the publisher. Printed and bound in Great Britain by TJ International CONTENTS Foreword ............................................................................................................................ 1 Acknowledgements .......................................................................................................... 3 Executive summary .......................................................................................................... 5 1. Introduction ...................................................................................................................
    [Show full text]
  • Air Passenger Duty and Air Departure Tax - Highlands and Islands Exemption
    SPICe Briefing Pàipear-ullachaidh SPICe Air Passenger Duty and Air Departure Tax - Highlands and Islands exemption Anouk Berthier This is a short note on the Air Passenger Duty exemption for passengers departing from areas in the Scottish Highlands and Islands and the Scottish Government's intention to put in place a similar exemption under Air Departure Tax. 12 October 2017 SB 17-70 Air Passenger Duty and Air Departure Tax - Highlands and Islands exemption, SB 17-70 Contents Background ____________________________________________________________3 Air Passenger Duty (APD) Highlands and Islands exemption ___________________4 Air Departure Tax (ADT) exemption for the Highlands and Islands _______________7 Fiscal framework considerations___________________________________________9 Bibliography___________________________________________________________ 11 2 Air Passenger Duty and Air Departure Tax - Highlands and Islands exemption, SB 17-70 Background Following the recommendations of the Smith Commission (2014), the Scotland Act 2016 provides for the power to charge tax on air passengers leaving Scottish airports to be devolved to the Scottish Parliament. The Air Departure Tax (Scotland) Bill was introduced in the Scottish Parliament on 19 December 2016 and received Royal Assent on 25 July 2017. The Air Departure Tax (Scotland) Act 2017 introduces an Air Departure Tax (ADT) which is intended to replace Air Passenger Duty (APD) in Scotland. The fiscal framework agreement between the Scottish and UK Government states that APD will be devolved in April 2018. 1 Tax bands and tax rate amounts are not provided for in the Act and will be set by secondary legislation. The Air Departure Tax (Scotland) Bill as introduced 2 did not provide for exemptions. However, the Finance and Constitution Committee ("the Committee") stated in its Stage 1 report on the Bill: 3 “ The Committee asks the Scottish Government to respond to the suggestion that flights to Highlands and Islands airports from other Scottish airports should be exempted from the definition of chargeable aircraft.
    [Show full text]
  • Borderland: Assessing the Implications of a More Autonomous Scotland for the North of England 1
    REPORTBORDERLAND ASSESSING THE IMPLICATIONS OF A MORE AUTONOMOUS SCOTLAND FOR THE NORTH OF ENGLAND Katie Schmuecker, Guy Lodge and Lewis Goodall November 2012 © IPPR North 2012 Institute for Public Policy Research ABOUT THE AUTHORS Katie Schmuecker is associate director at IPPR North. Guy Lodge is associate director for politics and power at IPPR. Lewis Goodall, at the time this report was written, was a research assistant at IPPR North. ACKNOWLEDGMENTS The authors would like to thank Jim Gallagher and James Ramsbotham for their input into the seminar held as part of this research. We would also like to thank David Bell, Nick Pearce and Ed Cox for their helpful comments on earlier drafts, and Richard Darlington, Ellie Geddes and Joanne Thomas, without whom there would not be a publication. We are also grateful to the James Madison Trust for the donation that made this research possible. ABOUT IPPR NORTH IPPR North is IPPR’s dedicated thinktank for the North of England. With bases in Newcastle and Manchester, IPPR North’s research, together with our stimulating and varied events programme, seeks to produce innovative policy ideas for fair, democratic and sustainable communities across the North of England. IPPR North specialises in regional economics, localism and community policy. Our approach is collaborative and we benefit from extensive sub-national networks, regional associates, and a strong track record of engaging with policymakers at regional, sub-regional and local levels. IPPR North 3rd Floor, 20 Collingwood Street Newcastle Upon Tyne NE1 1JF T: +44 (0)191 233 9050 E: [email protected] www.ippr.org/north Registered charity no.
    [Show full text]
  • Country and Regional Public Sector Finances: Methodology Guide
    Country and regional public sector finances: methodology guide A guide to the methodologies used to produce the experimental country and regional public sector finances statistics. Contact: Release date: Next release: Oliver Mann 21 May 2021 To be announced [email protected]. uk +44 (0)1633 456599 Table of contents 1. Introduction 2. Experimental Statistics 3. Public sector and public sector finances statistics 4. Devolution 5. Country and regional public sector finances apportionment methods 6. Income Tax 7. National Insurance Contributions 8. Corporation Tax (onshore) 9. Corporation Tax (offshore) and Petroleum Revenue Tax 10. Value Added Tax 11. Capital Gains Tax 12. Fuel Duties 13. Stamp Tax on shares 14. Tobacco Duties 15. Beer Duties 16. Cider Duties 17. Wine Duties Page 1 of 41 18. Spirits Duty 19. Vehicle Excise Duty 20. Air Passenger Duty 21. Insurance Premium Tax 22. Climate Change Levy 23. Environmental levies 24. Betting and gaming duties 25. Landfill Tax, Scottish Landfill Tax and Landfill Disposals Tax 26. Aggregates Levy 27. Bank Levy 28. Stamp Duty Land Tax, Land and Buildings Transaction Tax, and Land Transaction Tax 29. Inheritance Tax 30. Council Tax and Northern Ireland District Domestic Rates 31. Non-domestic Rates and Northern Ireland Regional Domestic Rates 32. Gross operating surplus 33. Interest and dividends 34. Rent and other current transfers 35. Other taxes 36. Expenditure methodology 37. Annex A : Main terms Page 2 of 41 1 . Introduction Statistics on public finances, such as public sector revenue, expenditure and debt, are used by the government, media and wider user community to monitor progress against fiscal targets.
    [Show full text]
  • Government Expenditure & Revenue Scotland 2018-19
    GOVERNMENT EXPENDITURE & REVENUE SCOTLAND 2018-19 AUGUST 2019 CONTENTS Summary 2 Preface 9 Chapter 1 Public Sector Revenue 12 Chapter 2 North Sea Revenue 21 Chapter 3 Public Sector Expenditure 25 Chapter 4 Devolved Revenue and Expenditure 39 Annex A Supplementary Tables 46 Annex B Revisions 54 Annex C List of Abbreviations 62 Annex D Glossary 63 Government Expenditure and Revenue Scotland 2018-19 1 SUMMARY Introduction • Government Expenditure and Revenue Scotland (GERS) addresses three questions about Scotland’s public sector finances under the current constitutional arrangements: • What revenues were raised in Scotland? • How much did the country pay for the public services that were consumed? • To what extent did the revenues raised cover the costs of these public services? • GERS is a National Statistics publication. It is assessed by the independent UK Statistics Authority to ensure that it meets the Code of Practice for Statistics. • The estimates in GERS are consistent with the UK Public Sector Finances published in July 2019 by the Office for National Statistics (ONS). Feedback from users of the publication is welcome. A correspondence address is available in the back leaf of the publication. Comments can be emailed to [email protected]. Scotland’s Overall Fiscal Position • GERS provides two measures of Scotland’s fiscal position, the net fiscal balance and the current budget balance. • The net fiscal balance measures the difference between total public sector expenditure and public sector revenue. It therefore includes public sector capital investment, such as the construction of roads, hospitals, and schools, which yields benefits not just to current taxpayers but also to future taxpayers.
    [Show full text]
  • Devolved Taxes Accounts and Took a Substantive Approach \ Enquiries and Penalties; for the Devolved Taxes
    DEVOLVED TAXES ACCOUNT Revenue Scotland Annual Report and Accounts for the year ended 31 March 2020 Annual Report Devolved Taxes Account 2 and Accounts Revenue Scotland is a Non-Ministerial Office of the Scottish Administration Laid before the Scottish Parliament by Revenue Scotland in pursuance of the Revenue Scotland and Tax Powers Act 2014 on 25 November 2020 Annual accounts authorised for issue on 20 November 2020 Published by Revenue Scotland 2020 © Crown Copyright 2020 You may use and re-use the information featured on this website (not including logos) free of charge in any format or medium, under the terms of the Open Government License v 3.0. Any enquiries regarding the use and re-use of this information resource should be sent to us at: [email protected] Revenue Scotland PO BOX 24068 Victoria Quay Edinburgh EH6 9BR RS/2020/01 Annual Report Devolved Taxes Account Contents 3 and Accounts Contents Foreword 4 Accountability Report 2019-20 6 Independent Auditor’s Report 16 Devolved Taxes Account 2019-20: Financial Statements 20 Statement of Revenue and Expenditure 20 Statement of Financial Position 21 Statement of Cash Flows 22 Notes to the Accounts 23 Accounts Direction 39 Annual Report Devolved Taxes Account Foreword 4 and Accounts Foreword Welcome to the Revenue Scotland Annual Report and Accounts for the Devolved Taxes for 2019-20. This is the fifth reporting year since the organisation began its operational activity in April 2015, and also the second reporting period of Revenue Scotland’s 2018-21 corporate planning period. Revenue Scotland is responsible for the The Scottish Fiscal Commission is responsible collection and management of Scotland’s for providing independent forecasts of tax devolved taxes – currently Land and Buildings revenues in line with the Fiscal Framework1.
    [Show full text]
  • Review of the Aggregates Levy: Summary of Responses to the Discussion Paper and Government Next Steps
    Review of the Aggregates Levy: summary of responses to the discussion paper and government next steps July 2020 Review of the Aggregates Levy: summary of responses to the discussion paper and government next steps July 2020 © Crown copyright 2020 This publication is licensed under the terms of the Open Government Licence v3.0 except where otherwise stated. To view this licence, visit nationalarchives.gov.uk/doc/open- government-licence/version/3. Where we have identified any third party copyright information you will need to obtain permission from the copyright holders concerned. This publication is available at: www.gov.uk/official-documents. Any enquiries regarding this publication should be sent to us at [email protected] ISBN 978-1-913635-52-7 PU 2987 Contents Chapter 1 Introduction 2 Chapter 2 Objectives and impact of the levy 5 Chapter 3 Cross Border and Devolution 19 Chapter 4 Operation of the levy 23 Annex A List of contributors to the review 27 Annex B Industrial minerals 29 Annex C Prescribed industrial and agricultural processes 30 1 Chapter 1 Introduction 1.1 At Spring Statement 2019, the Chancellor Philip Hammond launched a government review of the Aggregates Levy (‘the levy’) issuing a discussion document1. HM Treasury led the review, working closely with HM Revenue & Customs (HMRC), other relevant government departments and agencies, and the devolved administrations. 1.2 The levy is an environmental tax on primary virgin aggregate (rock, sand and gravel used as bulk fill in construction). The levy has been largely unchanged since its introduction in 2002 and had been subject to longstanding legal challenge, which concluded in February 2019.
    [Show full text]
  • Comparison of Sub-National Tax Receipts Estimates from Scottish Government and HMRC
    Sub-National Tax Receipts Estimates from Scottish Government, Northern Ireland Executive and HMRC HMRC, the Scottish Government, and the Northern Ireland Assembly recognise that it is helpful to users of their publications to have consistent sets of official statistics wherever possible. HMRC and the devolved administrations are committed to working together to develop a shared methodology for estimating regional tax receipts. Further information on the processes and timescales involved in this work will be set out shortly. 1. Current Publications 1.1 Scottish Government Estimates of all public sector receipts for Scotland have been published as part of the Scottish Government’s ‘Government Expenditure & Revenue Scotland’ (GERS) report since 1992, which has been a National Statistic since 2005.1 1.2 Northern Ireland Department of Finance & Personnel Similar estimates for Northern Ireland have been produced by the Northern Ireland Department of Finance & Personnel as official statistics since 2009, in their ‘Net Fiscal Balance Report’ (NFBR).2 1.3 Her Majesty’s Revenue and Customs (HMRC) On 2 October 2013, HMRC published for the first time an estimate of the distribution of the tax receipts, tax credits, and child benefit payments they administer across England, Wales, Scotland, and Northern Ireland.3 These were released as experimental official statistics. This is the first publication of complete tax receipts estimates for England and Wales. However, HMRC does publish devolved level National Statistics series for stamp duty land tax, tax credits and child benefit as well as official statistics for inheritance tax. HMRC also publishes National Statistics for income tax liabilities. 2. Methodological Approach 2.1 General Approach All three publications arrive at their estimates using a set of statistical techniques, assumptions, and adjustments using UK outturn totals as a benchmark.
    [Show full text]
  • Reform Scotland
    FINANCE COMMITTEE CALL FOR EVIDENCE REVENUE SCOTLAND AND TAX POWERS BILL SUBMISSION FROM REFORM SCOTLAND The Revenue Scotland and Tax Powers Bill 1. Thank you for inviting Reform Scotland to submit evidence to the Finance Committee as part of the committee’s consideration of The Revenue Scotland and Tax Powers Bill. 2. Although Reform Scotland has not published its own research on how a body like Revenue Scotland could and should operate, the publication, Scotland’s Economic Future, which we published in 2011, included a chapter I wrote outlining how I thought a Scottish Exchequer, could operate within Scotland. Although this was primarily focused on what would happen in the event of greater devolution, or independence, I think this is relevant when considering the creation of Revenue Scotland and I have included a summary of my chapter below. Extract from Scotland’s Economic Future, Chapter 11. ‘Is there a need for a Scottish Exchequer?’ By Ben Thomson 3. In creating a new Scottish Exchequer, Scotland has a number of advantages. First, it starts with a blank sheet, so it is not locked into the history of development that leads to idiosyncratic practices. Second, there are plenty of examples to copy from around the world of where treasury functions have been made to work efficiently, as well as learn from the mistakes of those that have not worked. The creators of a new system should be shrewd enough to borrow the best of other systems and learn from the mistakes of others. Third, the Scots have a tradition for being bold and innovative thinkers: it comes as no surprise that President Obama quoted Adam Smith in his speech to the Westminster Parliament in 2011 or that Adam Smith is a favourite author of Deng Xiaoping, demonstrating Scots’ influence on economic thinking in the world.
    [Show full text]