UK LIFE POLICY TAXATION/TAXATION OF LIFE POLICIES/LIFE POLICY TAXATION Synopsis: It’s not often you see a favourable article on investment bonds, but there is one in the latest version of Investor’s Chronicle. Date posted: Thursday, May 28, 2015 Investment bonds have regularly received unflattering press coverage, often harking back to the level of commission which […]
SELF-ASSESSMENT Synopsis: 890,000 people incur a self-assessment late filing penalty of £100 each. HMRC has issued 890,000 people with a £100 penalty fine for failing to complete their tax returns by the 31 January deadline. This represents a 20% increase from 2014, where £71m in late returns penalties were issued. Self-assessment returns which are filed […]
TAX AVOIDANCE Synopsis: The Daily Mail has “rated” 11 “Tax Dodges” to categorise users as “saints and sinners” The latest press fascination with tax avoidance started with tax evasion and Swiss bank accounts, moved to deeds of variation and the Millibands and has now moved on to the publication of a self-styled ‘naughty and nice’ list of […]
TAX AVOIDANCE Synopsis: Implications in the “popular press” that deeds of variation represent “dodgy” aggressive tax avoidance: they represent acceptable and useful planning opportunities but are no substitute for regularly reviewed will planning Date posted: Monday, February 16, 2015 The Daily Mail on Friday carried the headline “RED ED THE TAX AVOIDER” (Daily Mail’s caps […]
PENSION REFORM 2014/15 Synopsis: The government has effectively increased the threshold at which regulated advice will be needed for defined benefit transfers. In its Budget consultation document ‘Freedom and choice in pensions’, the government floated the idea of restricting transfers from defined benefit schemes to defined contribution arrangements. In its response the consultation, it proposed […]
SELF-ASSESSMENT Synopsis: More than one source of income? Have you paid the right amount of tax? It has been reported in the Telegraph that up to three million people with more than one source of income are likely to face backdated tax bills of £2,000 per year due to errors by HMRC. It appears that […]
Synopsis: HMRC has launched a consultation on the closure rules for enquiries. The consultation broadly examines the current enquiry process and the restrictions it puts on HMRC when resolving one or more aspects of an enquiry. HMRC is seeking views on how to streamline the tax enquiry process so that certain parts of an enquiry […]
SELF-ASSESSMENT Synopsis: A reminder that clients have one month to file their self-assessment return online to avoid facing penalties. Date posted: Wednesday, December 31, 2014 With the Christmas break over, as we head into New Year celebrations, let’s not forget that the self-assessment online filing deadline is fast approaching. To make things easier clients should […]
Synopsis: HMRC has been criticised by the National Audit Office for not monitoring the use of entrepreneurs’ relief which appears to have cost the public £2bn more than expected last year. The National Audit Office (NAO) has said that HMRC has done little to investigate why entrepreneurs’ relief has cost the public £2 billion more […]
The National Audit Office (NAO) has said that HMRC has done little to investigate why entrepreneurs’ relief has cost the public £2 billion more than expected last year. The NAO said that HMRC did not monitor or report the costs and benefits of tax reliefs intended to change behaviour in a way that would allow […]
