Payments made under the Equitable Life Payment Scheme are to be free of tax and disregarded for tax credits purposes.
Around 500,000 taxpayers are affected by a delay in issuing paper self assessment statements, HMRC said as they announced that those affected will not be charged interest if they make their second payment on account for 2010/11 within 30 days of receiving the statement.
The Registered Pension Schemes (Provision of Information) (Amendment) (No.2) Regulations, SI 2011/1797, make amendments to SI 2006/567 to reflect FA 2011 changes to the pensions tax regime.
Eight statutory instruments published last week make changes to the pensions tax regime. A list of instruments expected to be laid following the coming into force of FA 2011 was provided in an annex to the explanatory memorandum to SI 2011/1751 (see below).
Practical guidance from Paula Tallon, including seven traps to avoid
The government issued a call for evidence on possible integration of the operation of the income tax and NIC systems, with a view to building ‘a strong evidence base on the burdens to employers of having to operate two different systems’.