In a new monthly feature, John Endacott looks at recent developments affecting the taxation of private clients, which this month include debate on replacing the 50% tax rate and possibly more property based taxation.
With the enactment of the disguised remuneration legislation, companies must review their share plans and other incentive plans to avoid adverse income tax and NIC charges, explains Jeremy Edwards.
HMRC have flagged new penalties taking effect this autumn for late tax returns and late payments by individuals and businesses:
‘The new penalties for late self assessment returns are:
Painting: whether a wasting asset
Interest credited to joint account
Partial surrenders of life insurance policy
Pension scheme: application for late election
The work of HMRC’s High Net Worth Unit produced ‘additional tax yield’ of £162m in 2010/11, according to a Commons written answer.