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
Perminder Gainda looks at a recent decision of the First-tier Tribunal on the application of the principle that interest for individuals is generally taxable when received.
The Capital Gains Tax (Annual Exempt Amount) Order, SI 2012/881, provides that amount which – by virtue of TCGA 1992 s3(2) – is the annual exempt amount for 2012/13 unless Parliament determines otherwise is £1
The top rate of income tax will be reduced from 50% to 45% per cent from April 2013, but a new cap on tax reliefs will increase the effective rate for some taxpayers and experts warned that people on means-tested benefits would have much of the benefit of an increased personal allowance clawed ba
The controversial deal to tackle tax evasion by UK residents holding secret accounts in Switzerland has been revised. A protocol signed in Brussels yesterday will modify the deal so it is compatible with existing EU laws on evasion, the Financial Times reported.
The Tax Credits Up-rating Regulations, SI 2012/849, set the various monetary elements and thresholds of child tax credit and working tax credit with effect from 6 April 2012, as announced in the June 2010 Budget, the O