21 Mar Other announcements
Stamp duty land tax
A measure to amend section 45 of the Finance Act 2003 (transfer of rights) is introduced to support the Government’s anti avoidance strategy with regard to stamp duty land tax (SDLT). The Government seeks to put beyond doubt that a certain type of SDLT avoidance scheme is ineffective. The scheme(s) in question involve an onward sale which is not to be completed for a number of years. This measure is yet further notice of the Government’s anti-avoidance strategy. This measure has effect where the transfer of rights takes place on or after 21 March 2012 and before Royal Assent to Finance Bill 2013.
Data-gathering from card payment processors
It is proposed that HM Revenue & Customs will improve their data-gathering to support a more effective risk assessment of businesses who they consider are not declaring their full tax liability. The data they will be able to access will cover the monthly totals paid to merchants. It is envisaged that this will provide HM Revenue & Customs with information that enables them to identify those businesses that are not declaring their full sales. This measure will have effect on and after the date that Finance Bill 2013 receives Royal Assent.
London Anniversary Games
An exemption providing an exemption from UK income tax relating to non-UK resident sportspeople competing in the British Athletics London Anniversary Games was announced on 15 February 2013. This measure has been put in place to help prolong the legacy of the London 2012 Olympic and Paralympic Games. It is also similar to the income tax exemption to be provided for non-resident sportspeople who compete in the 2014 Commonwealth Games in Glasgow (announced 26 January 2012).
The measure which took effect on or after 15:00 on 20 March 2013 will be followed by a further statutory instrument to be published shortly. These changes seek to address aspects of the Offshore Funds Regulations 2009 and are intended to make aspects of the Regulations fairer for UK investors in offshore funds, and ensure that they are taxed in a similar way to investors in equivalent UK funds.