Enter Your E-mail

The news that a former employee of a Swiss bank has handed over to Wikileaks, documents relating to the affairs of around 2,000 of the bank's account holders, has made the national press. One might expect that the focus would be the possible publication of private individuals' highly confidential information on the Internet but this is not the case; in fact the 'whistleblower' has - so far at least - remained right-lipped about the identities of the account holders. Most articles concentrate ... Continue Reading

LITRG issue further help for up to 450,000 taxpayers receiving calculations of tax underpaid for 2007/08, urging people to check and challenge them. Introduction It was announced last week that shortly HMRC would start issuing P800 tax calculations to PAYE taxpayers whose records show they have not paid the right tax for the 2007/08 tax year. Whilst the calculations for some will show they have paid too much tax, an estimated 450,000 will be told they have not paid enough and will ... Continue Reading

Following last year's announcement that a study group would be set up to explore the merits of a General Anti-Avoidance Rule (GAAR) for the UK, HMTreasury has announced the following tax and legal experts who will comprise the committee alongside Graham Aaronson QC: John Bartlett Judith Freedman Sir Launcelot Henderson Lord Hoffman Howard Nowlan John Tiley The study group has a deadline of 31 October 2011 to consider - Existing GAARs and other ... Continue Reading

The Department for Work & Pensions (DWP) has announced the increased 2011/12 rates for 'Statutory Payments' made by employers, to take effect from April 2011 and which include: Statutory Sick Pay (SSP) - up from £79.15 to £81.60 per week Statutory Maternity Pay (SMP) - 6 weeks @ 90% of earnings + 33 weeks @ £128.73 Ordinary Statutory Paternity Pay (OSPP) Additional Statutory Paternity Pay (ASPP) Statutory Adoption Pay (SAP) The rates have risen from £79.15 ... Continue Reading

Peter Arrowsmith FCA highlights a selection of NIC matters, and provides a tip in respect of those who have worked and paid contributions in more than one EU member state. Real Time Information (RTI) Further to the initial consultation last year, the expected follow up has been launched. It is currently proposed that RTI will be piloted from April 2012 with employers being moved onto the system over an 18 month period so that it is universal by October 2013. The document can ... Continue Reading

Matthew Hutton, Presenter of the ‘Private Client Monthly Tax Update’ Webinars, highlights a potential mismatch between the legal and beneficial ownership of property. Context A posting on the Trusts Discussion Forum on 5 October by Gemma Carter of Bottrills produced a mass of postings, with that from Malcolm Finney of Pythagoras Training cutting to the chase as explained below. The Issue ‘The client has a flat in his sole name which he will be renting out. As ... Continue Reading

Think January, think self assessment deadlines. But there are some other important tax points to consider, as well as for tax credits and benefits. LITRG gives a reminder. Introduction Self assessment taxpayers will be familiar with 31 January as a key deadline. We have covered those issues in a separate article, but there are some other points to take note of this month which we set out below. 1. Employee tax queries – new single HMRC telephone line There is now just one ... Continue Reading

LITRG reminds self assessment taxpayers and also anyone who might be able to claim tax back for old tax years of January deadlines. Introduction Self assessment taxpayers will be familiar with 31 January as a key deadline. Below we set out the various matters to consider. We also remind those who are not required to complete tax returns but who might be due a refund for earlier years that claims for the 2004/05 tax year can generally no longer be made after 31 January 2011. 1. ... Continue Reading

The Low Incomes Tax Reform Group have again successfully championed the cause of pensioners across the UK, helping to win a significant concession from HM Revenue & Customs.Yesterday, the Exchequer Secretary, David Gauke MP, announced that HMRC would write off tax owed by 250,000 pensioners for the 2008/09 and 2009/10 tax years. The underpayments have arisen because HMRC failed to tax these pensioners' state pensions correctly at the time; LITRG has successfully argued that these cases would be eligible ... Continue Reading

Lee Sharpe looks at the past, present and potential future tax regime for Furnished Holiday Lettings. Introduction On 9 December, the government published its ‘response’ to its Technical Consultation earlier in the year, regarding developments in the “Furnished Holiday Lettings” (“FHLs”) tax regime. It is useful, because it also set out how it currently intends for the regime to develop over the next year or so. This article sets out the key issues, ... Continue Reading