Personal tax

Tax / Tax-free childcare scheme opens

The channels are now open for working parents to start applying for two new government childcare schemes launching this year – tax-free childcare which begins immediately and 30 hours free childcare which starts in September

Tax / Snap election kills off probate fee proposals

The snap general election has derailed controversial plans to increase probate fees, dubbed a ‘stealth death tax’, as the Ministry of Justice (MoJ) has said there is now insufficient time for the necessary legislation to pass through Parliament

Tax / ICAEW runs through charity rules on London Marathon donations

Ahead of this year’s London Marathon on Sunday, which holds the Guinness World Record for the largest single annual fundraising event, ICAEW has issued advice reminding accountants and others of the options to claim tax relief on any charitable donations for those taking part

Tax / Pensions held overseas fully taxable from April 2017, HMRC confirms

From the new tax year 2017/18, the full amount of any foreign pension received by a UK resident will be taxable where no UK tax relief was given on the pension savings, replacing the old 90% limit

Tax / FTT upholds APN non-payment penalty

A First Tier Tribunal (FTT) has dismissed an appeal from an investor in a film scheme against a penalty for failing to pay an amount specified in an accelerate payment notice (APN) by the due date because the sum he paid was allocated to a separate partner payment notice (PPN) for another scheme

Tax / US tax office extends filing deadline for overseas US residents

The Internal Revenue Service (IRS) has extended the 18 April filing deadline to taxpayers outside the US to 15 June

Tax / Pensioners advised to delay completing tax returns

The Low Incomes Tax Reform Group (LITRG) has advised pensioners to wait until the end of May before completing a tax return due to HMRC issuing notices despite introducing a new system which means that pensioners with a state pension exceeding their personal allowance may no longer have to file a return

Tax / Shadow Chancellor wants tax rises for £70k plus earners

John McDonnell, Labour shadow Chancellor, has given an early indication that the party’s manifesto for the forthcoming election is likely to include higher tax rates for those earning over £70,000 and a cap on executive pay

Tax / Making Tax Digital: what we know so far

With less than a year to go until the rollout of Making Tax Digital quarterly reporting for unincorporated businesses, there are still a raft of unanswered questions about testing and software provision, not to mention the readiness and ability of HMRC to support such a radical overhaul of the tax system. Sara White and Calum Fuller report

Tax / Treasury committee ramps up scrutiny of tax policy

Tax policy faces greater scrutiny from the Treasury Select Committee as it plans four additional evidence sessions focusing on tax measures such as Making Tax Digital and the tax treatment of the self-employed

Tax / Interest rates for student loans revised

From April 2017, interest rates for plan two student loans will be charged based on income with HMRC stating that public authorities are not required to deduct student loan repayments despite IR35 reform to contractors in the public sector

Tax / HMRC briefing on PAYE changes

HMRC has published a briefing on changes to the PAYE P6 coding notice system which are meant to ensure taxpayers pay the correct tax whenever their circumstances change, and to remove the need to wait for tax refunds or make additional year-end payments

Tax / HMRC issues guidance on nil rate band for IHT

HMRC has published guidance on the new rules for estates about claiming an additional inheritance tax (IHT) threshold when the family home is left to direct descendants, which came in to force on 6 April 2017

Tax / No cash-based Lifetime ISAs available on day of launch

The government’s new long-term saving vehicle, the Lifetime ISA (LISA) has run into controversy on the day it launches, with no lender making a cash option of the product available for investment from 6 April

Tax / Guidance released for sporting testimonial income rules

HMRC has published guidance on the new rules which apply to the treatment of sporting testimonial income from 6 April 2017, which result in the need to report income tax and National Insurance contributions (NICs)