Andrew Penman explains the new rules limiting tax relief available on pension contributions and why they affect some individuals immediately
The UK and Swiss Governments have signed a declaration on the ‘initiation’ of negotiations, expected to begin next year, on the introduction of a flat rate withholding tax on savings income. Critics warned that the deal would protect the identity of tax evaders.
The Tax Credits (Miscellaneous Amendments) (No. 2) Regulations, SI 2010/2494, make changes to the entitlement and maximum rate regulations, and the income regulations, following the introduction of Additional Paternity Leave and Additional Statutory Paternity Pay.
The Child Trust Funds (Amendment No. 4) Regulations, SI 2010/2599, allow a CTF provider to stop accepting vouchers after a nominated date but continue to act as a provider for CTF accounts that it already holds.
Andrew Hubbard comments on the pensions tax relief changes
Anyone sending in a self assessment return for 2009/10 on paper has only a few days left to file the return. HMRC has reminded taxpayers that paper returns filed after 31 October could incur a £100 penalty.
HMRC is sending out a stark warning to tax credit claimants, reminding them that they are required to tell HMRC ‘immediately’ if a partner moves in or out of the household. Almost a quarter of a million letters are being sent to claimants this week, a spokeswoman told Tax Journal.
Revenue & Customs Brief 41/10 explains a change in HMRC practice on ‘share loss relief’, allowed against income by ITA 2007 ss 131–151, in respect of capital losses made on shares subscribed for in 'qualifying trading companies’.
HMRC has updated its introduction to the scheme, to reflect the legislation and HMRC online guidance as at 20 September. See www.lexisurl.com/Z2IP0.
Child Benefit will be withdrawn by 2013 from households containing at least one higher rate taxpayer, the Chancellor announced.