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.
Hugo Webb explains why IHT can be an unexpected issue for the buyer in the context of a share sale, and what can be done about it
HMRC are now issuing P800 tax calculations for 2010/11. They are prioritising overpayments, and plan to contact those who have paid too little tax under PAYE later in the year. Guidance is available at www.hmrc.gov.uk/p800.