The Individual Savings Account (Amendment) Regulations, SI 2012/705, increase the ISA annual subscription limits for 2012/13 and subsequent tax years in line with the Consumer Prices Index, as announced at Budget 2011.
Age-related tax allowances, the taxation of savings and ‘convoluted’ PAYE forms have been identified by the Office of Tax Simplification as the areas of the tax system that cause the most problems for pensioners.
Stephen Woodhouse and Varinder Allen review the tax issues, including the impact of the disguised remuneration legislation.
Is it better to incentivise private company employees with shares or EMI options? Paula Tallon and Adam Bradley set out the tax considerations and comment on some of the legal and practical issues.
HMRC published draft amendments and a draft explanatory note on ‘Seed enterprise investment scheme: re-investment relief’.
The Social Security Revaluation of Earnings Factors Order, SI 2012/187, sets the percentages to be used in revaluing earnings factors for additional state pension.
Erika Jupe and Clara Snow examine its pros and cons.
The latest edition of HMRC’s ISA Bulletin contains articles on junior ISAs, annual returns and applications for approval as an ISA manager.