‘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.
HMRC invited taxpayers to use their secure electronic ‘change of circumstances service’ at www.hmrc.gov.uk/individuals/change-of-circs.htm to notify a change of name or address.
Long standing issues in small business taxation have so far proven to be intractable, the Office of Tax Simplification said in its interim report, ‘Small business tax review’, presented to the Chancellor last week
David Kilshaw on the EC’s formal request that the UK amends anti-avoidance legislation
The Venture Capital Trust (Winding up and Mergers) (Tax) (Amendment) Regulations, SI 2011/660, amend SI 2004/2199 as a consequence of F(No 3)A 2010 provisions made in order to comply with EC state aid requirements, and update
The Treasury has invited comments by 17 March on revised draft clauses, to be included in the Finance Bill to be published at the end of this month, on a facility for meeting the new ‘annual allowance charge’ from the taxpayer’s pension benefits instead of current income.
HMRC have announced new bonus rates effective from 27 February.
HMRC have invited comments on draft amendments to Offshore Funds (Tax) Regulations, SI 2009/3001.
A proposed change to the provision for equalisation was announced last December.
Plumbers, gas fitters, heating engineers and ‘members of associated trades’ who sign up to a new disclosure facility and pay outstanding tax liabilities are to be offered a reduced penalty.
HMRC have written to taxpayers who may be liable to pay tax at 50% for 2010/11 but have not had sufficient tax deducted under PAYE, to ‘enable them to arrange their finances’ to cover any underpaid tax that will be due on 31 January 2012.