From April 2016, the Scottish Parliament has devolved powers to set the Scottish Rate of Income Tax (SRIT). Within the last few weeks it has been widely publicised that this may mean a higher rate of Income Tax in Scotland as compared to the Income Tax rates in other parts of the UK. HMRC have also issued a technical statement that clarifies who will be subject to SRIT.
A court order appointing a Provisional Liquidator was made by the High Court in March 2014 against Parkwell Investments Ltd, based in Wilmslow, Cheshire. The order removed the company’s officers and appointed a Provisional Liquidator in their place to protect the company’s remaining assets. The company’s officers then deliberately and knowingly acted in contempt of court by transferring £450,000 out of the reach of the Provisional Liquidator.
HM Revenue and Customs has secured three tribunal wins against tax avoidance schemes, protecting over £260 million in tax. All three rulings uphold earlier judgments in HMRC’s favour at the First-tier Tribunal. The Upper Tribunal dismissed an appeal brought by users of a scheme that sought to create artificial losses by using a combination of the employment Income and Capital Gains Tax rules on share options. The
Do you have any idea if your estate will have an inheritance bill when you die? How much will it be? Who will have to pay it? Planning opportunities arise if: If you have assets that you would like to give away. If you have any interests in a business or company, or own agricultural property. If you have assets that you would like to gift, but
The Government has indicated that it wants to offer more to existing pensioners and people who reach State Pension age before 6 April 2016 when the single-tier pension is introduced. To achieve this a new Class 3A voluntary contribution will be available from October 2015 to April 2017. The Class 3A contribution will allow people to top up their additional State Pension. The rate of contribution, which
The Government has announced changes that should standardise, and in most cases reduce, the charges made to administer funds on behalf of contributors. Draft regulations published in October confirm that charges to invest and manage the default funds of all qualifying schemes will be capped at 0.75% annually. Small differences in charges can have a major impact on a pension pot by the time a person retires.
HM Treasury has announced that this year’s Autumn Statement will be made on 3 December 2014. Historically, this has been used to showcase the Government’s expected tax changes in the following year’s finance act. If you have any suggestions the Government is seeking your views on what you would like to see in the Statement. According to the GOV.UK website: “In the interest of open and transparent