COVID-19: Tax issues

Have the time limits for taxpayer appeals been extended by HMRC?

• The time limits for appeals have been extended for taxpayers affected by COVID-19.
• COVID-19 may be a reasonable excuse when appealing against certain penalties.

What are the relieves currently available with respect to the income tax self-assessment payment on account due on 31 July 2020?

• The payment can be deferred to 31 January 2021. A self-assessment return will need to be filed by the normal filing date.
• All taxpayers have the option of deferring the payment.
• HMRC will not impose late payment penalties and interest charges for the period in question.

Are there any changes in dealing with stamp duty and stamp duty reserve tax (SDRT) during the lockdown?

• Stock transfer forms and other transfer instruments should be sent to HMRC by email rather than being posted.
• E-signatures on forms or instruments will be accepted by HMRC during the lockdown.
• HMRC will accept e-signatures on forms or instruments while this measure is in place.
• Payments of stamp duty and SDRT must be made electronically (using Faster Payment, BACS or CHAPS).
• The guidance on stamp duty and the guidance on SDRT will be updated by HMRC after lockdown.

If you have a question, please do not hesitate to contact James Cohen directly on [email protected] or 0207 822 2257.

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