A new penalty regime applies on late filed personal self-assessment tax returns from this autumn. It is part of a stricter regime by HMRC and a clampdown on non-compliance.
Enquiry yields are increasing and the government is committed to offering taxpayers disclosure schemes such as the Liechtenstein Disclosure Facility and the recent Swiss deal. The adviser should also consider pensions tax planning bearing in mind the impact of the new £50,000 annual allowance and the forthcoming reduction in the lifetime allowance to £1.5m and, in particular, the need to consider pension input periods and fixed protection elections.
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