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Child Benefit will be withdrawn by 2013 from households containing at least one higher rate taxpayer, the Chancellor announced.
The ICAEW Tax Faculty has warned that compliance and information obligations arising under revised proposals for the restriction of pensions tax relief are ‘likely to make many more employers, at least in the private sector, consider closing their defined benefit schemes to future contributions,
New bonus rates apply to SAYE share option schemes from 12 September. No bonus is earned on three year contracts.
The Government’s alternative proposals to restrict pensions tax relief are an improvement on the previous administration’s rules but there are still issues to be resolved to make them workable, said the CIOT.
The National Association of Pension Funds (NAPF) has welcomed the Government’s alternative proposals to restrict pensions tax relief for those on higher incomes, but warned that ‘unintended consequences will punish savers who are not high earners’.
Three professional bodies have joined forces to produce new guidance on the residence of trusts.