The Child Trust Funds (Amendment No. 3) Regulations, SI 2010/1894, provide for the phasing out of government contributions.
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.
Tax advisers expressed surprise that only 1,500 medical professionals made disclosures under HMRC’s Tax Health Plan (THP) by the 30 June deadline. HMRC told Tax Journal that there were over 2,000 ‘notifiers’ and the THP had yielded around £9 million.
HMRC’s performance in collecting debt has improved, with amounts due from taxpayers but not yet paid decreasing by £1.6 billion to £26.1 billion, the National Audit Office (NAO) said.
The UK’s top rate of personal income tax is ‘substantially above the OECD average and likely to adversely affect work incentives and entrepreneurship’, according to an OECD report. Consideration should be given to reducing the rate to close to 40%, it said.
Shadow Treasury Minister Angela Eagle observed that clause 5 of the Finance Bill ‘completely takes away’ the Labour Government’s policy of restricting tax relief on pension contributions for those earning £150,000 or over, who are ‘the top 2% of earners in the country’.
Camilla Spielman comments on where we are now with Property Authorised Investment Funds
Anne Hamilton and Lesley Britton examine recent changes in the tax treatment of life policies
What does the Emergency Budget mean for the future of the UK's asset management industry? Eliza Dungworth provides analysis
Are VCTs set to enjoy a renaissance as an attractive investment product for high earners? Dana Ward comments on current developments