Personal tax

Technical
1 February 2017

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

Technical
1 February 2017

Discretionary treatment of partial surrender of life insurance policies should be backed up by safeguards in the legislation.

Technical
1 January 2017

ER is available in respect of a disposal of a personally held asset that is used in a partnership or a company where the disposal of that asset is associated with a partial or full withdrawal from the business or company. The Finance Act 2016 amendments to TCGA 1992 section 169K has raised an issue around the availability of the relief where interests in property change.

Technical
1 January 2017

LITRG were recently invited to a private seminar held by the Royal Society for the encouragement of Arts, Manufactures and Commerce (the RSA) to debate the issue of employment status for those that work in the gig economy.

Technical

The CIOT, ATT and LITRG each responded to the six consultation documents issued by HMRC. All three bodies’ submissions had similar overall messages about MTD, while also focusing on specific areas relevant to that body’s particular interest. We have set out below a sample of the key messages from some of the responses, but would invite you to read all responses on our websites.

Technical
1 December 2016

Issues arising from: the introduction of deemed domicile for all tax purposes after 15 out of 20 years UK residence; charging inheritance tax on UK residential property held indirectly (enveloped) through offshore structures; possible changes to Business Investment Relief rules to encourage greater investment in UK businesses by non-UK domiciled investors.

Technical
1 December 2016

LITRG has welcomed consultation on a new ‘pensions advice allowance’, but highlights in its response a number of concerns for taxpayers on low incomes.

Technical
1 December 2016

LITRG responded to a consultation document containing proposals which would potentially increase burdens on UK partnerships and change the basis on which tax might be collected.

Technical
1 December 2016

LITRG highlights that the government has now cancelled proposals to create a secondary annuities market.

Technical
1 December 2016

When completing a Self-Assessment (SA) tax return for an individual with both employed and self-employed earnings it is necessary to consider the Class 1, 2 and 4 annual maximum. Although HMRC say that they will automatically carry out this calculation on receipt of the SA return this requires the individual’s NIC record to be complete. Any errors or omissions from the record are likely to result in HMRC asking for the wrong amount.