HMRC consulted between December 2016 and February 2017 on five options for streamlining the advance assurance service for companies using the tax-advantaged venture capital schemes.
Following consultation, the government has issued the draft Co-ownership Authorised Contractual Schemes (Tax) Regulations 2017, introducing new legal requirements on operators of co-ownership authorised contractual schemes to provide tax information both to investors and to HMRC.
The Income Tax (Pay As You Earn) (Amendment) Regulations, SI 2017/414, come into force on 6 April 2017 and make provision for:
The Automatic Enrolment (Earnings Trigger and Qualifying Earnings Band) Order, SI 2017/394, maintains the automatic enrolment earnings trigger at £10,000 for 2017/18 and increases the qualifying earnings band for contributions to maintain alignment with the NICs lower and upper earnings limits fo
Draft legislation published in December and January aimed to ensure that income and gains arising in overseas trusts created by non-domiciled individuals before they become deemed domiciled under the 15/20 test would not be taxed if they are retained in the trust or its underlying entities.
HMRC consulted between May and August 2016 on whether to renew and extend the administrative simplifications of the existing scheme. The key elements of the government’s response are:
The government has confirmed it will go ahead with the proposal to reduce the money purchase annual allowance from £10,000 to £4,000 with effect from April 2017. It consulted between December 2016 and February 2017 on the proposal, which will affect up to 3% of savers over age 55.
The Pension Schemes (Categories of Country and Requirements for Overseas Pension Schemes and Recognised Overseas Pension Schemes) (Amendments) Regulations, SI 2017/398, coming into force on 6 April 2017, remove the rule requiring overseas pension schemes to designate a minimum of 70% of tax-relie
The Registered Pension Schemes (Authorised Payments) (Amendment) Regulations, SI 2017/397, introduce the new pension advice allowance, which will permit individuals to withdraw £500 tax-free from their defined-contribution pension savings, on up to three occasions during their lifetime, to pay fo