A tax credit would be more progressive than the government’s proposal to levy a lower rate of inheritance tax where the deceased leaves a charitable legacy of 10% or more of their estate, the ICAEW Tax Faculty said.
A bogus financial adviser was jailed for three years after Hull Crown Court heard that he persuaded more than 30 people to make unauthorised transfers of £3.4m from pension funds to avoid paying tax of £1.9m.
Ian Maston outlines how the IHT business property relief rules apply to groups of companies and similar structures
‘The world has changed for tax evaders,’ Dave Hartnett, Permanent Secretary for Tax at HMRC, said as HM Treasury announced yesterday’s agreement with Switzerland to address evasion by UK taxpayers.
The UK’s tax deal with Switzerland is expected to come into force in 2013, following scrutiny by Parliament and after ratification procedures in Switzerland are complete, HM Treasury said.
HMRC’s latest Agent Update highlights a key change to penalties for late filing of self assessment tax returns.
An application form for use by individuals seeking ‘fixed protection’ of the £1.8 million lifetime allowance for pension savings has been published.
The current lifetime allowance of £1.8 million will be reduced to £1.5 million from 6 April 2012.
Taxpayers who were due to pay income tax by the end of July, but do not receive a self assessment statement until this month, will have until 27 September to pay the tax without incurring an interest charge.