Under the Construction Industry Scheme (CIS), contractors deduct money from a subcontractor’s payments and pass it to HMRC. The deductions count as advance payments towards their tax and national insurance bill. Contractors must register for the scheme, but subcontractors do not have to register, although deductions are taken from their payments at a higher rate (30% rather than 20% or 0%) if they are not registered. Payments made must be declared to HMRC by the contractor filing monthly returns that are submitted online by the 19th of every month.
Finance Secretary Derek Mackay has announced that the Scottish Government intends to reduce the lower rate of Land and Buildings Transaction Tax (“LBTT”) for non-residential property transactions, whilst increasing the cost for higher value property acquisitions.
Finance Secretary Derek Mackay has proposed increasing the rate of ADS from 3% to 4% which, if approved by the Scottish Parliament, will take effect from 25 January 2019.
Finance Secretary Derek Mackay has resisted calls to address the widening tax gap between Scotland and the rest of the UK.
How an individual’s estate should be divided upon death is a complex topic and can be cause for much debate, not to mention family tensions. In Scotland, the law of succession is largely based on legislation dating back to 1964. Scotland’s social landscape has changed significantly in the intervening half century and there is little question that the rules are in need of an update.
A relatively high and much more stable oil price has generated a lot of renewed investor interest in the North Sea upstream E&P sector over the past 12 months or so. Last month, in the UK Government’s 2018 Budget it was announced that the current headline tax rate will continue, therefore demonstrating its assurance to sustain and encourage ongoing economic and fiscal competitiveness and attractiveness in the basin. Under these more favourable economic conditions and with up to 20 billion barrels of oil still to recover in the UKCS, there is undoubtedly a lot of enterprise opportunity still to go after.