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Tax | HMRC issues incorrect penalties on Trust and Estate 2014 returns

CIOT and the ATT are alerting their members to incorrect penalties being issued by HMRC on SA900 Trust and Estate Returns

13 Apr 2015

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Tax | IFS warning on ‘chaos’ of cuts to high earner pensions relief

As election fever picks up and the political parties vie for votes, influential thinktank, the Institute for Fiscal Studies (IFS) suggests that Conservative and Labour proposals to cut pensions tax relief for those with an income above £150,000 risk creating ‘chaos’

13 Apr 2015

Tax | HMRC guidance on FATCA tax rules updated

HMRC has updated the reporting requirements under the US Foreign Account Tax Compliance Act (FATCA), which may mean that some organisations or taxpayers no longer need to submit a return by the 31 May deadline

13 Apr 2015

Tax | Tory pledge for IHT-free £1m homes to be funded by £150k earners

Conservative leader David Cameron has said the party will cut inheritance tax (IHT), with new property-based reforms allowing parents and grandparents to leave homes worth up to £1m tax-free to younger generations in the family, a policy mooted before the last election in 2010 but over-ruled in the coalition agreement

13 Apr 2015

Tax | Labour plans to abolish non-dom tax status

Labour leader Ed Miliband is to announce plans to abolish the non-domicile (non-dom) tax rule if his party forms the next government, claiming it is being used for tax avoidance by high net worth individuals (HNWI)

8 Apr 2015

Tax | Swiss demand details of HSBC’s India offshore clients

HSBC clients based in India, who featured on the leaked list of offshore account holders in its Swiss private banking arm, have been asked to authorise a party in Switzerland so the Swiss government can obtain their consent for sharing information with Indian authorities, or face a potential public naming and shaming

1 Apr 2015

Tax | Tax updates: April 2015

In this month's roundup of tax cases and technical updates includes the Ingenious Media court of appeal ruling over Hartnett comments, employee CGT issues when non-residency issues come to bear, FTT decision on employee benefit trusts in Scotts Atlantic Management and non-UK resident sales guidance

1 Apr 2015

Tax | Future Labour government to re-instate top income tax 50p rate

A future Labour government would reverse the cut to the top rate of tax, increase the transparency and rigour of the tax system, and provide targeted support for small businesses, according to the party’s newly published manifesto for business

31 Mar 2015

Tax | HMRC reaps £38m from HNWI investigations

HMRC is targeting investment banks and fund managers, with investigations into high earners in these roles up by a quarter in the past year, according to analysis by insurers PFP

30 Mar 2015

Tax | HMRC wins £260m tax rulings against NT Advisors, Healey and Savva

HMRC has won three cases at tax tribunals protecting over £260m in tax as a result of three Upper Tribunal (UT) rulings upholding earlier First Tier Tribunal (FTT) judgments in its favour

27 Mar 2015

Tax | Budget 2015: key tax changes and implementation dates

Our essential snapshot of the key measures announced in Budget 2015, including all the implementation dates and effective dates for new measures affecting income tax, NICs, charities, capital gains tax, inheritance tax and corporation tax, as well as changes to tax administration

26 Mar 2015

Tax | ‘Antiquated' HMRC process results in £40m student loan overpayments

A record £40m has been taken in overpayments deducted via payroll from recent graduates who are repaying the loans which funded their further education degrees , because HMRC only notifies the Student Loans Company (SLC) about repayments on an annual basis

25 Mar 2015

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Tax | ACCA warns of HMRC IT challenge in abolishing tax returns

The Chancellor’s proposal to scrap annual tax returns as outlined in the Budget will create problems and increase costs for taxpayers and lead to additional work for accountants, according to a survey of practising accountants carried out by ACCA

25 Mar 2015

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Personal Tax

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Tax | Commission signals plan to share details of Swiss bank account holders across EU

The European Commission has finalised negotiations on an a new tax transparency agreement with Switzerland, marking a step forward in the fight against tax evasion and forcing the Swiss authorities to share information on all Swiss bank accounts held by EU residents

19 Mar 2015

Tax | Budget 2015: Class 2 NICs to be abolished if Tories win election

Chancellor George Osborne has announced that the government will abolish Class 2 NICs in the next Parliament and will reform Class 4 NICs to introduce a new contributory benefit test, amid concerns that this move could potentially impact future benefits payments to the self-employed and others

18 Mar 2015

Tax | Budget 2015: Personal tax-free allowance increases

As expected, Chancellor George Osborne announced increases in the personal tax-free allowance in today’s Budget, including the first above-inflation increase of the higher rate threshold for seven years and a long-term commitment to raising the threshold to £50,000

18 Mar 2015

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Latest news

Tax | HMRC issues incorrect penalties on Trust and Estate 2014 returns

Tax | IFS warning on ‘chaos’ of cuts to high earner pensions relief

Tax | HMRC guidance on FATCA tax rules updated

Tax | Tory pledge for IHT-free £1m homes to be funded by £150k earners

Tax | Labour plans to abolish non-dom tax status

Tax | Swiss demand details of HSBC’s India offshore clients

Tax | Tax updates: April 2015

Tax | Future Labour government to re-instate top income tax 50p rate

Tax | HMRC reaps £38m from HNWI investigations

Tax | HMRC wins £260m tax rulings against NT Advisors, Healey and Savva

Tax | Budget 2015: key tax changes and implementation dates

Tax | ‘Antiquated' HMRC process results in £40m student loan overpayments

Tax | ACCA warns of HMRC IT challenge in abolishing tax returns

Tax | Commission signals plan to share details of Swiss bank account holders across EU

Tax | Budget 2015: Class 2 NICs to be abolished if Tories win election

Tax | Budget 2015: Personal tax-free allowance increases