03 March 2021 Andrea Marshall, Tax Specialist
In this News Article, Andrea has summarised some miscellaneous announcements that may be of relevance (or just of interest!) to the HE sector.
OECD Mandatory Disclosure Rules - The government will consult later this year on draft regulations to implement the OECD’s Mandatory Disclosure Rules, which facilitate global exchange of information on certain cross-border tax arrangements, to combat offshore tax evasion.
Amending HMRC’s Civil Information Powers introduces a new Financial Institution Notice (FIN) that will be used to require financial institutions to provide information to HMRC when requested about a specific taxpayer, without the need for approval from the independent tribunal that considers tax matters.
Designation of Freeport tax sites announces the 10 freeport sites, which will be designated and recognised in law as geographical areas where businesses can benefit from tax reliefs to incentivise investment and to boost employment. Enhanced capital allowance for plant and machinery in Freeports and Enhanced Structures and Buildings allowances in Freeports and Stamp Duty Land Tax relief for Freeports outlines some of the allowances that will apply. Page 60 of “Budget 2021: Protecting The Jobs And Livelihoods Of The British People” includes a diagram summarising the investment across the country.
Introduction of Plastic Packaging Tax 2021 set out further details of the how the tax of £200 per tonne will apply from 1 April 2022. Businesses that manufacture or import plastic packaging will need to register unless they manufacture or import less than 10 tonnes of plastic packaging per annum. Packaging that includes at least 30% recycled material will not be subject to the tax.
Reform of red diesel and other rebated fuels entitlement restricts the use of these fules to certain qualifying purposes, including these areas that may be of most relevant to the HE sector: