The government has set out the top rate of tax on personal income, and details of the tax thresholds adjusted for inflation, for the years 1975/76 to 2010/11. This is an extract from the table provided in a House of Lords written answer:
Proposed changes to the rules allowing taxpayers to set business losses against income or capital gains are ‘unworkable, disproportionate and unfair’, according to the Chartered Institute of Taxation.
HMRC has confirmed that the European Commission has approved two changes announced in Budget 2011 to the enterprise investment scheme.
FA 2011 s 42 increased the rate of income tax relief 30% for investments made on or after 6 April 2011.
HMRC is reminding employers that from April 2012 they may be asked to provide security where there is a risk of deliberate non-payment of PAYE tax and NICs. HMRC can already request a security for VAT.
HMRC is to extend its trial of a proposed ‘single compliance process’ to ensure that sufficient data is collected to ‘test the process fully’.
The proposed treatment of disguised remuneration for national insurance contributions purposes would impose ‘impossible and unreasonable obligations’ on employers, according to the ICAEW Tax Faculty.
Some of the promising signs of recovery of last spring have been snuffed out over the summer. The economy has hit a softer patch but we should not be too gloomy, says David Smith