Tax Committee Resource Library

Click to read information on what the Committee is currently discussing and working on

Find out here more about the legislative changes the Government are making from 6 April 2024 to reform the Construction Industry Scheme.

The Government are implementing a Building Safety Levy. Click here for more details.

HM Treasury have responded to their review of VAT Treatment of Fund Management Services. More details can be found here.

As part of the Autumn Statement 2023, the Government published a Policy paper detailing amendments to the tax rules applying to REITs, including some of the conditions that determine whether a company qualifies as a REIT.

Find out more about the review of the UK Funds Regime by the Government and the FCA.

View AREF's work on this topic...

In 2024 a new Luxembourg-UK double tax treaty will be coming into effect. This will align the treaty with other UK treaties in terms of not providing an exemption from the UK Non-Resident Capital Gains Tax (NRCGT) rules for indirect disposals of UK property.

New guidance on the application of the Genuine Diversity of Ownership (“GDO”) condition was published by HMRC in July 2023. The GDO condition is relevant for a number of fund tax regimes. Click here for more details.

Find out here about the trust registration rules. The updated Trust Registration Service Manual in January 2023 clarified that only UK authorised unit trusts with no UK tax liability benefit from an exemption from trust registration.

With the new regime launching in April interest has been high across the alternative community, particularly in how it can facilitate investment into real estate assets through UK based holding companies and promote the wider goals of the Government’s UK Fund Regime to enhance the UK’s attractiveness as a location for fund domiciliation. 

In December 2021 the European Commission published their draft directive for rules to prevent the misuse of shell entities for tax purposes. They have invited comments on this until 6 April 2022.

MRC published a call for evidence to look at potential options and ideas to simplify the land and property VAT exemptions. On 30 November HMRC published a summary of responses to the call for evidence. Click for more info.

AREF responded to the HMT consultation exploring whether changes to the tax treatment of companies used by funds to hold assets could make the UK a more attractive location for these companies. HMT have published their response to feedback and a second stage consultation.

In the 2021 Autumn Budget, the Government confirmed they would introduce RPDT from April 2022.

Recent tax changes have made Real Estate Investment Trusts (“REITs”) a more attractive vehicle for UK property investment. This trend will only continue due to increased corporation tax from 2023, and widely-expected changes to the UK’s REIT regime....

Click to view a short update on NRCGT

View materials, including a recording of this event

The regulations introducing portfolio exemption from UKNRCG were laid before the parliament on 2 March. Click to view more.

HMRC has announced a further extension to their time limit for notifying them of an intention to opt to tax land or buildings for VAT purposes.

Click for more information on which consultations have been extended.