The Social Security (Contributions) (Amendment) Regulations, SI 2011/225, provide that certain expenses paid to MPs are disregarded in calculating earnings chargeable to class 1 national insurance contributions, in order to align the tax and NIC treatment of MPs’ expenses.
Richard Clarke reviews recent HMRC activity
HMRC is to ‘consider and test’ alternative ways of resolving tax disputes with SMEs, with a view to reducing the impact of ‘avoidable’ disputes.
‘Wild allegations’ have been made against HMRC for which ‘there is little or no evidence’, David Gauke said yesterday after a Conservative MP said there was a lot of public disquiet about ‘alleged enormous sweetheart deals done with major public companies’.
‘“UK Uncut worries people like me,” says a multinational executive. “It shows how much raw anger there is out there.
George Osborne has announced an increase in the rate of the bank levy for 2011, having decided that the reduced rate set to recognise ‘uncertain market conditions’ is no longer necessary.
Linklaters appointed its Brussels-based partner Henk Vanhulle as global head of tax. Vanhulle takes over from Yash Rupal, who is stepping down as global head of tax after three years in the role. Rupal becomes UK head of tax.
The patent box, the government’s proposed preferential regime for profits arising from patents, will cost over £1 billion a year in lost revenue but will benefit only ‘a handful of firms’ according to the Institute for Fiscal Studies.
‘I want to hear about your brightest and best ideas. Because next month’s Budget will be all about growth.
The Inheritance Tax Avoidance Schemes (Prescribed Descriptions of Arrangements) Regulations, SI 2011/170, extend the disclosure of tax avoidance schemes regime (DOTAS) to inheritance tax by describing certain IHT arrangements involving transfers of property into trust which must be notified to HM