The Chancellor has told the Daily Telegraph that he was ‘shocked’ to see that some the UK’s wealthiest people have organised their tax affairs, within the
‘George Osborne was left “shocked” after an analysis of the tax returns of multi-millionaires which he personally ordered found that they are exploiting loopholes to pay little or nothing at all.
The seafarer's earnings deduction (SED) in ITEPA 2003 ss 378-385 was extended to ‘EEA seafarers’ from 2011/12.
HMRC is consulting on proposals changes to the taxation of interest received, and rules on the deduction of tax from interest paid.
HMRC has published an ‘overview’ of the Seed Enterprise Investment Scheme, which will provide tax reliefs for new shares issued on or after 6 April 2012 by small, ‘early stage’ companies. The reliefs will operate alongside the Enterprise Investment Scheme.
New legislation will address income tax avoidance under the ‘chargeable event’ regime ‘by putting beyond doubt that gains liable to income tax are not reduced where there are certain untaxed gains earlier in the life of the policy or contract, or by the use of certain cluster policy arrangements’
The Finance Bill will amend excluded and settled property rules to close an avoidance scheme involving interests in offshore trusts.
Finance Bill 2012 will amend the settlements legislation to close an avoidance scheme involving corporate settlors. The purpose of the changes is to confirm that ‘income arising under a settlement is treated as that of the settlor only where the settlor is an individual’.
The Child Trust Funds, Registered Pension Schemes and Stamp Duty Reserve Tax (Consequential Amendments) Regulations, SI 2012/886, amend three regulations that have relied on the definition of an incapacitated person at
The Registered Pension Schemes and Overseas Pension Schemes (Miscellaneous Amendments) Regulations, SI 2012/884, ‘strengthen’ the tax provisions relating to the t