Shareholders selling for deferred consideration in the form of loan notes historically may have taken QCBs. Aaron Fairhurst considers whether there position has changed following F(No 2)A 2010.
The Government’s alternative proposals to restrict pensions tax relief are an improvement on the previous administration’s rules but there are still issues to be resolved to make them workable, said the CIOT.
The National Association of Pension Funds (NAPF) has welcomed the Government’s alternative proposals to restrict pensions tax relief for those on higher incomes, but warned that ‘unintended consequences will punish savers who are not high earners’.
A technical note setting out how the ‘regional employer NICs holiday for new businesses’ will work is available via www.lexisurl.com/Dn57B.
Issue 19 of HMRC’s Agent Update includes items on:
To QCB or not to QCB, that is the question. Aaron Fairhurst investigates
A redeployment of resource to ‘higher priority work’ will affect turnaround times until the end of October for the processing of paper forms 64-8 and registrations for self assessment and self-employment, HMRC announced.
HMRC has published guidance to help tax agents to manage the 31 October self assessment deadline. The guidance says:
‘If you send in a paper tax return, it must reach HMRC by midnight on 31 October. The deadline for paper tax returns is only later than 31 October if:
David Kilshaw and Vanessa Patterson provide an update on Entrepreneurs’ Relief following the extension of the lifetime limit to £5m
Radical reforms to the PAYE system, saving employers an estimated £500 million, are among proposals set out in nine tax policy documents released ‘for discussion and consultation’ as Parliament rose for the summer recess.