The Individual Savings Account (Amendment No. 2) Regulations, SI 2010/2957, reduce the maximum time allowed for the transfer of a cash ISA or part thereof to another cash ISA.
The government has issued a ‘call for evidence’ on whether early access to pension savings could provide an effective incentive for individuals to save more into a pension.
The Treasury launched on 9 December 2010 a consultation on draft legislation for Finance Bill 2011. The following brief outline of the measures is based on the Treasury’s overview and draft explanatory notes.
A report setting out possible changes to the Gift Aid system has ‘much that could be taken forward,’ according to Justine Greening, the Economic Secretary to the Treasury.
The Tax Credits (Miscellaneous Amendments) (No.
The Treasury has published tables of income tax rates and allowances, NIC rates and limits, and tax credits rates and thresholds for the tax year 2011/12.
The Government believes that few individuals will incur tax charges as a result of exceeding the annual allowance for tax-privileged pension saving, said Mark Hoban, Financial Secretary to the Treasury.
Form P85(S), intended for foreign nationals, should no longer be used by individuals claiming a tax refund on leaving the UK following completion of a work assignment here, HMRC said. Form P85 should be used instead.
John Cassidy on the clarifications to the LDF
Tax agents are being asked to complete a short survey on the filing of individuals’ self assessment returns.