Heather Gething and Rupert Shiers examine the proposed three-part test
Amanda Sullivan provides your at-a-glance guide
HM Treasury has invited views on proposals for a new scheme to encourage people to donate pre-eminent objects or works of art to the nation. Donors’ tax bills will be reduced by a percentage of the value of the object donated.
The Office of Tax Simplification is to examine the complexities surrounding share schemes and pensioners’ taxation, having identified these areas as having the potential to benefit a significant number of taxpayers, tackle legislative complexity and streamline tax administration.
HMRC have flagged the 31 July deadline for renewal of tax credits claims and warned that claims will be examined ‘particularly closely’ as part of a clampdown on tax credit error and fraud.
More than 46,000 phishing emails have been reported by customers since the first tax credits renewals forms were sent out to claimants in April, HMRC said.
HMRC’s consultation document ‘A new incentive for charitable legacies’ has been amended to correct an error in example 7 on page 20.
New research suggests that the UK has one of the highest tax burdens for both low and high earners of ‘any major economy’, according to UHY Hacker Young.