Personal tax

Technical
1 March 2017

The Financial Conduct Authority (FCA) have consulted on handbook changes relating to the Lifetime ISA. LITRG’s response points out that tax complexities need to be considered by advisers.

Technical
1 March 2017

The CIOT considers the first tranche of the FB 2017 clauses implementing the non-dom reform package.

Technical

Responses by LITRG and ATT on the new trading and property allowances available from 6 April 2017 highlight the need for clear guidance, the difference in treatment of trading income for tax and universal credit purposes and several detailed practical issues.

Technical
1 March 2017

CIOT continues to seek to ensure that the anti-avoidance rules within Business Investment Relief do not discourage the take up of the relief.

Technical
1 March 2017

From 6 April 2017, 100% of foreign pension income is to be subject to UK income tax, abolishing the ‘90% rule’ (or 10% deduction). The period of an individual’s non-UK residence during which UK tax charges can apply to payments out of pension savings in overseas pension schemes that have had UK tax relief is extended from 5 to 10 years. In addition, the UK tax treatment of non-UK registered pension schemes will be aligned with UK registered schemes and lump sums paid under foreign pension schemes to or in respect of UK residents will be brought into charge for UK tax purposes. LITRG and the CIOT have responded to the draft legislation.

Technical

LITRG and CIOT have made submissions on the draft Finance Bill 2017 and the draft National Insurance Contributions Bill 2017 clauses in relation to the simplification of the income tax and National Insurance contributions (NIC) treatment of termination payments.

Technical
1 March 2017

LITRG commented on the proposed introduction from 6 April 2017 of a new £500 tax exemption for employer-funded pension advice.

Technical
1 March 2017

On 31 January HMRC published their responses to the six Making Tax Digital (MTD) consultation documents, as well as draft legislation and explanatory notes for some of the measures, a revised impact assessment, and other supporting documents – over 15 separate documents running to around 250 pages. So, even on the busiest day of the tax year, it was hard not to notice them.

Technical
1 February 2017

The treatment of non-resident trusts created by foreign domiciliaries requires further work as part of the reform to the taxation of non-UK domiciliaries.

Technical
1 February 2017

An essentially simple idea for two modest allowances prompts some unanswered questions.