Following a recent HMRC briefing for professional advisers, Aileen Barry reviews the terms of the draft UK/Swiss Agreement, speculates as to how HMRC will interpret it and how the Swiss banks will implement it, and considers what the actual outcome will be
John Endacott provides a review of recent developments, including the new higher late filing penalty, plus the Swiss deal and the LDF
‘One of Britain’s biggest companies may be forced to move abroad if the Government does not abandon the new higher rate of income tax ... Paul Walsh, the chief executive of Diageo, said the 50p rate threatened to cause “long term damage” to Britain’s “competitive edge”.
Ernst & Young announced four senior appointments to its UK and Ireland employment tax business. Ian Hopkinson, John Chaplin and Rajesh Bhundia have joined the firm from KPMG, and Mark Morton has been promoted to Director.
The Vatican's Pontifical Council for Justice and Peace has called for a new tax on financial transactions and proposed the creation of a global authority to regulate financial markets. International institutions must be reformed to favour effective monetary and financial systems, it said.
The annual subscription limit for an Individual Savings Accounts (ISA) will increase to £11,280 – up to half of which can be saved in a cash ISA – from April 2012, HM Treasury announced.
HMRC issued a further reminder that taxpayers filing a paper tax return after 31 October face a £100 penalty.