TAX POLICY ADMINISTRATION

The government is to close with effect from 6 April 2011 an ‘unintended tax loophole’ for UK residents transferring pension savings overseas, the Treasury announced.

Revenue & Customs Brief 14/11 explains how FA 2010 Sch 10 allows for a higher penalty, of up to 200%, where people fail to declare income or gains arising offshore.

Revenue & Customs Brief 15/11 explains that HMRC have changed their approach to the operation of the FA 2007 Sch 24 para 8 ‘delayed tax’ provision.

A revised guide to concessions in use at 1 April 2011 and previously operated by the Inland Revenue has been published.

The Income Tax (Pay As You Earn) (Amendment) (No.2) Regulations, SI 2011/1054, amend the PAYE regulations so that: payments made by an employer to an employee after their employment has ceased, which are not included on the form P45, will be taxed...

The Enactment of Extra-Statutory Concessions Order, SI 2011/1037, gives legislative effect to seven extra-statutory concessions including the ‘equitable liability’ concession.

Paul Smith considers whether the Budget proposals have done enough to prevent further corporate migration and attract businesses from overseas.

Thirty-four tax consultations are expected to be launched during the next three months, the Treasury revealed as it published its new Tax Consultation Framework and a summary of responses to the consultation launched last December. The Framework sets...

‘George Osborne’s tax raid on North Sea oil producers will not stop one of the UK continental shelf’s most dedicated drillers from increasing production in the region by more than a quarter this year.

Revenue & Customs Brief 18/11 sets out HMRC's current view on inheritance tax issues associated with employee benefit trusts. It ‘supersedes and amplifies’ Revenue & Customs Brief 61/09.