Wendy Walton reviews topical issues, including the implications of the proposed income tax reliefs cap and the new SEIS rules.
HMRC seeking penalty for incorrect share loss relief claim
Attacks on HMRC for making 5.1m ‘errors’ in people’s tax for 2011/12 are unfounded, the CIOT’s Low Incomes Tax Reform Group has warned. HMRC announced last week that around 3m taxpayers were about to receive tax refunds, ‘two months earlier than last year’.
The CIOT technical team has published an update stating that HMRC has confirmed that letters sent to taxpayers, requesting further information from those who have decided to pursue 'Mansworth v Jelley' CGT loss claims based on its 2003 guidance, do not constitute 'decisions' which trigge
Generally, no tax is due on the compensation element of payments received due to mis-sold payment protection insurance, HMRC said in a guidance note. However, the additional interest is taxable.
HMRC published the first edition of its Employment-Related Shares & Securities Bulletin on developments relating to employment-related securities including government-sponsored, tax-advantaged employee share schemes.
Revenue & Customs Brief 14/12 sets out the extent to which HMRC will continue to regard the holder of a depository receipt as having beneficial ownership of the underlying shares, following the First-tier Tribunal decision in the Stamp Duty Reserve Tax case of HSBC Holdings PLC a
HMRC is organising a second public meeting this week to give people an opportunity to ask questions about the proposed Gift Aid Small Donations Scheme. A formal consultation on the measure will close on 25 May.
The Scotland Bill received Royal Assent on 1 May and is now the Scotland Act 2012.
HMRC reminded tax credits claimants that they must renew their claims by 31 July 2012, or their payments ‘may stop’. Claimants were ‘urged to act’ on receipt of a renewal pack and to double-check the accuracy of the information.