21/09/2007, by Sarah Laing, Tax news - HMRC Administration, Practice and Methods
A quick guide to recent additions to the HM Revenue & Customs website.Week ending 21 SeptemberWhat’s new?List of shares of negligible value updated to 31 August 2007;Tax Law Rewrite - rewrite of Corporation tax: Draft clauses and Explanatory Notes on the following subjects have been published for public consultation: Transaction in Securities; Corporate Beneficiaries under Trusts; and Transaction in Land;Corporation Tax on Chargeable Gains: Indexation Allowance for August 2007 is 207.3; ... Continue Reading
20/09/2007, by Sarah Laing, Tax news - HMRC Administration, Practice and Methods
A British national, who resided in Switzerland, convicted of cheating the Inland Revenue of £54 million in taxes has been ordered to pay £16.25 million, as a result of a successful confiscation application.The confiscation hearing concludes an eight year investigation by HMRC, which resulted in a 10 year jail sentence for the defendant, Ian Leaf.Robert Alder, HMRC, Head of Restraint and Confiscation said: "Our colleagues in the Revenue & Customs Prosecution Office (RCPO) will ... Continue Reading
19/09/2007, by Sarah Laing, Tax news - Business Tax
Small businesses have until 30 September 2007 to submit their application for Small Business Rate Relief (SBRR) for the 2006/2007 financial year.Last year, the Government changed the SBRR scheme, which offers reduced payments of up to 50% for small firms. Previously, business owners applied annually for rates relief, but the next deadline for applications will not be until September 2010. SBRR is applicable to ratepayers who occupy single properties with rateable values below £15,000 (or £21,500 ... Continue Reading
17/09/2007, by Sarah Laing, Tax news - Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
HMRC have announced details of changes to the inheritance tax (IHT) payments procedure where payments are made by cheque.From 5 November 2007, a new process will be introduced for making the initial payment of IHT where payment is made by cheque. From that date, the cheque must be sent in with a bank approved payslip carrying an IHT reference to HMRC's cashiers in Nottingham. This means that an IHT reference number and payslip must be obtained before form IHT200 is submitted. Taxpayers will also ... Continue Reading
17/09/2007, by Sarah Laing, Tax news - Income Tax
A campaign is being launched - on radio, in women's magazines and online - to encourage tax credit recipients to report changes in their circumstances to HMRC.Parents and guardians with children over 16 who have started, or who are about to start, further education at school or college, should ensure that they advise the HMRC Tax Credits Department as soon as possible - failure to so could result incorrect payments of tax credits being awarded. Notifying HMRC is particularly important if there ... Continue Reading
15/09/2007, by Patrick Cannon, Tax article - Stamp Duty, Stamp Duty Land Tax, SDLT
Patrick Cannon, Barrister, considers the Stamp Duty Land Tax position in respect of partnership interests. Patrick CannonAcquisition not Chargeable Except as Specifically ProvidedThe acquisition of an interest in a partnership is not chargeable with SDLT unless it is specifically caught by para 10 (transfer of chargeable interest to a partnership), para 14 (transfer of partnership interest) or para 17 (transfer of partnership interest pursuant to earlier arrangements) Sch 15 FA 2003: para 29 Sch ... Continue Reading
15/09/2007, by James Bailey, Tax article - Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
James Bailey CTA, explains why claiming Inheritance Tax Agricultural Property Relief on a farmhouse can be problematic.James BaileyTypes of farmerIn Devon where I live, there are two distinctly different kinds of farmer.There are the “professional” farmers, ranging from tenant farmers on Dartmoor struggling to make a living from their sheep (one of whom once remarked to me that it seems to be the ambition of every lamb to die from disease or get itself run over before it is ready for ... Continue Reading
15/09/2007, by Matthew Hutton MA, CTA (fellow), AIIT, TEP, Tax article - Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Matthew Hutton MA, CTA (fellow), AIIT, TEP, highlights planning points and pitfalls in the context of trust tax planning.Matthew HuttonContextThe following were among some interesting points made at the 7th Annual LexisNexis Tolley Tax Planning with Trusts Conference 2007 in London on 16 May 2007.CGT: Trustee residenceProfessional attention is being focused on new s 69(2D) REPLACE ed into TCGA 1992 by FA 2006, with effect from 2007/08. A trustee who is not UK resident is to be treated as UK ... Continue Reading
14/09/2007, by Sarah Laing, Tax news - HMRC Administration, Practice and Methods
A quick guide to recent additions to the HM Revenue & Customs website.Week ending 14 SeptemberWhat’s new? Pension scheme e-filing - reminder that the mandatory online filing date of 16 October 2007 is fast approaching;Pensions Industry Newsletter, issue 30;The Social Security Benefit (Computation of Earnings) (Amendment) Regulations 2007 (SI 2007/2613) and the Social Security Benefit (Computation of Earnings) (Amendment) Regulations (Northern Ireland) 2007 (SI 2007/2614) and accompanying ... Continue Reading
13/09/2007, by Sarah Laing, Tax news - Professionals in Practice & Industry
Retailers are urging the Secretary of State for Transport, Ruth Kelly, not to relinquish the power to approve how revenue from local road-user charging is spent. They fear that, without that safeguard, local authorities will exploit charging schemes as a general tax and fund raiser.In respnse to a recent consultation on the Draft Local Transport Bill, the British Retail Consortium (BRC) has called on the Government to keep the power to approve road-user schemes. The BRC believes a town-by-town ... Continue Reading
