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.
Issue 19 of HMRC’s Agent Update includes items on:
HMRC is hoping that improvements to the system for processing internet filed self assessment trust returns will persuade more people to choose to file online.
HMRC has admitted that guidance setting out when it will consider a person’s domicile, and decide whether to make a determination of inheritance tax based on that domicile, has not been working well for HMRC or taxpayers.
Inheritance tax: business property relief
Janet Hoskins reviews the issues advisers should consider following the mid-year rate change