The latest ICAS responses: Employment and devolved taxes consultations
By Justine Riccomini, Head of Tax (Employment and Devolved Taxes)
4 June 2024
Read our responses to the latest employment taxes and devolved taxes consultations on changes to Transaction Tax reliefs and National Insurance Contributions (NICs) relief at Freeports and Investment Zones.
In May this year ICAS submitted responses to two consultations: One to the Welsh government in relation to proposed changes to Land Transaction tax reliefs, and another to HMRC in relation to NICs relief at Freeports proposals.
Welsh consultation
The Welsh government were consulting on proposals to:
- Abolish LTT multiple-dwellings relief.
- Extend existing LTT relief to Welsh local authorities when buying property for social housing.
They were also seeking views on the rules relating to the purchase of six or more dwellings in a single transaction, and other LTT reliefs.
The ICAS response considered all elements of the consultation.
HMRC consultation
HMRC consulted on any additional data/employer reporting requirements to claim secondary NICs reliefs in Freeports and Investment Zones.
The ICAS response considered this question in terms of administrative burden, the timing of the additional requirements, the considerations of protected characteristics and the extension of tax reliefs in Freeports generally from five to ten years.
As usual, these consultations were discussed prior to submission by the ICAS Devolved Taxes and Employment Taxes Committees and the responses overseen by the ICAS Tax Board. Members of the committees include a range of expert tax professionals who volunteer their time to ICAS. The tax team is grateful to its 60+ committee members, who provide their tax expertise and knowledge to help shape ICAS tax policy.
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