Andy Maxfield examines the recent tax changes affecting barristers in light of an upsurge in HMRC enquiries
The Capital Gains Tax (Annual Exempt Amount) Order, SI 2011/899, specifies £10,600 as the exempt amount for 2011/12 by virtue of TCGA 1992 s 3, unless Parliament otherwise determines.
The National Insurance Contributions Act 2011 received Royal Assent on 22 March. It provides for increased rates of NICs and a regional secondary Class 1 contributions holiday for new businesses.
The Taxation of Pension Schemes (Transitional Provisions) (Amendment) Order, SI 2011/732:
The Tax Credits (Miscellaneous Amendments) Regulations, SI 2011/721, make technical and consequential changes to SI 2002/2006 (‘the Income Regulations’), SI 2002/2005 (‘the Entitlement Regulations’) and SI 2003/731 (‘the
The Individual Savings Account (Amendment) Regulations, SI 2011/782, amend the principal regulations (SI 1998/1870) to increase the annual subscription limits for 2011/12 and subsequent tax years.
The Finance Act 2009, Sections 101 to 103 (Income Tax Self Assessment) (Appointed Days and Transitional and Consequential Provisions) Order, SI 2011/701, and The Finance Act 2009, Schedules 55 and 56 (Income Tax Self Asse
The Qualifying Care Relief (Specified Social Care Schemes) Order, SI 2011/712, specifies three types of social care schemes that will qualify as a ‘specified social care scheme’ under ITTOIA 2005 s 806A(2)(c).
The Child Trust Funds (Amendment) Regulations, SI 2011/781, remove some of the requirements for local authorities to make returns.
‘The Institute of Directors has urged the Chancellor to axe the 50% tax rate for high earners and reinstate their tax-free allowances, in order to kill off “the damaging perception” that the UK is becoming a high-tax economy.