08/01/2010, by Sarah Laing, Tax news - Income Tax
HMRC have published Brief 76/09, which covers the changes made by Finance Act 2009 to the scope of income tax credits for individuals in receipt of dividends from foreign companies.The changes take effect from 22 April 2009 for the current tax year and affect shareholders with a holding of ten per cent or more of the issued share capital of the company concerned and shareholders in offshore funds.The Tax Credits (Excluded Companies) Regulations 2009 (SI 2009/3333) come into force on 22 April 2009 ... Continue Reading
08/01/2010, by Sarah Laing, Tax news - Income Tax
Regulations have been made, which allow for the commencement of the new Savings Gateway accounts.The Saving Gateway Accounts Act 2009 (Commencement No. 1) Order 2009 (SI 2009/3332) names 1 January 2010 as the appointed day for the entering into force of various sections of the Saving Gateway Accounts Act 2009.The Savings Gateway is a cash savings scheme designed to promote saving for working age people on lower incomes. The Government will contribute 50p for each pound that account holders save ... Continue Reading
04/01/2010, by Low Incomes Tax Reform Group, Tax article - General
LITRG sets out below some reminders to help you avoid a range of tax and tax credits pitfalls this month and ensure that you receive what you are due.IntroductionFor some years January has been billed as the month for tax action, but there are other things to think about too, particularly if you are receiving tax credits or benefits. TaxFile your 2008/09 self-assessment return online by 31 JanuaryIf you file your tax return online, you must do so by 31 January. And if you were sent a paper return, ... Continue Reading
02/01/2010, by Mark McLaughlin CTA (Fellow) ATT TEP, Tax article - General
Mark McLaughlin CTA (Fellow) ATT TEP outlines potential difficulties with 'in-specie' pension contributions.IntroductionIt is not uncommon for assets to be transferred to pension schemes instead of cash. However, are assets an acceptable form of pension contribution to a registered scheme for tax relief purposes?HM Revenue & Customs' Position on in specie ContributionsHMRC guidance categorically states in the context of employer contributions: “In-specie contributions are not allowed. The legislation ... Continue Reading
02/01/2010, by HM Revenue & Customs, Tax article - General
Jane Frost, head of HM Revenue & Customs’ Individuals Customer Directorate, urges working people on low incomes to check their entitlement to Working Tax Credits.Are you Working and on a Low Income? Could you do with More Money Coming In? If the answer to these questions is “yes”, you could be one of those who are missing out on extra cash because they don’t realise they are entitled to Working Tax Credits. Working Tax Credits provide financial support to working households on lower incomes ... Continue Reading
02/01/2010, by Jennifer Adams, Tax article - Business Tax
Jennifer Adams reflects on Capital Gains Tax Entrepreneurs' Relief, now more than a year on since it was originally introduced.IntroductionThe Dutch Government has the right idea – in their September 2009 Budget for 2010 was a package of measures specifically designed to encourage innovation (in other words ‘Entrepreneurship’); their belief being that it is non-bank business that will lift their country from the depths of recession and as such they were to be given help and encouragement in ... Continue Reading
02/01/2010, by Andrew Needham, Tax article - VAT & Excise Duties
Andrew Needham of VAT Specialists Ltd points out a change of practice by HM Revenue & Customs which represents potentially bad news for many charities.IntroductionCharities have been hit by HM Revenue & Customs' recent announcement that a key property VAT concession is to be withdrawn. The view from the charity sector and its advisers is that the loss of the concession will have a devastating effect on the sector.Business UseIn Revenue & Customs Brief 39/09 and VAT Information Sheet 08/09, HM Revenue ... Continue Reading
19/12/2009, by Daniel Feingold, Tax article - General
Daniel Feingold of Strategic Tax Planning Partnership comments on the Grace decision on the residence rules. IntroductionThe Court of Appeal Decision in Grace last week is the latest twist in a high profile tax case on the law of Residence.Lyle Grace (a British Airways Pilot who worked on long haul flights from Gatwick and Heathrow, owned a house here but also claimed to be a South African Resident) has won the right to a re-hearing of his case in the First Tier Tax Tribunal (formerly called the ... Continue Reading
19/12/2009, by HM Revenue & Customs, Tax article - General
Following the publication of HMRC’s latest Working With Tax Agents consultation document, as part of the 2009 Pre-Budget Report, Simon Norris, head of HMRC’s review of powers team, explains to Taxation Web what it means for agents.IntroductionTaxpayers, tax agents and their professional bodies together with HM Revenue and Customs (HMRC) share a passionate interest in the accuracy of returns submitted on behalf of clients. For HMRC this means ensuring that where we, on rare occasions, discover ... Continue Reading
19/12/2009, by Julie Butler, FCA, Tax article - Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Julie Butler FCA, of Butler & Co, considers the IHT treatment of stud farms. IntroductionMany owners of equine businesses question whether or not Inheritance Tax (IHT) Relief will apply to the Stud Farm and what the concerns are.HMRC have at last produced greater guidance on the Stud Farm and the qualification thereof for Agricultural Property Relief (APR) for Inheritance Tax (IHT).HMRC SaysChapter 24 of the HMRC IHT Manual (IHTM) sets out the taxman’s understanding of the stud for agriculture/APR. ... Continue Reading
