Personal tax

Tax / Government to help savers with Lifetime ISA

Government has introduced a tax-advantaged savings account, the Lifetime ISA, to support savers throughout their lives until the age of 50, which will in turn replace the problematic Help to Buy ISA from 6 April 2017

Tax / Child trust fund limit raised to £4,128 from April

The limit on the contributions to Child Trust Funds will increase by 1% to £4,128 from April 2017 and the requirement to use a lifestyling investment strategy for the child by the age of 15 will be removed

Tax / Rangers EBT ‘big tax’ case to kick off in Supreme Court

The high-profile dispute between Rangers football club and HMRC over the use of employee benefit trusts (EBT) to make payments to staff and players reaches the Supreme Court next month, in a bid to resolve the issues of whether such payments amount to earnings, which would be taxable as income, or loans

Tax / Scotland passes historic tax vote

There has been a historic vote in the Scottish Parliament where, for the first time in its history, MSPs have passed measures setting all income tax rates and bands, confirming that higher rate Scottish taxpayers will be paying more tax than their counterparts elsewhere in the UK

Tax / Microsoft founder Gates advocates robots pay taxes

Billionaire Bill Gates, the founder of Microsoft, has predicted that in future there will be a need for robots to pay taxes, as increasingly automation replaces more jobs, in order to prevent inequalities

Tax / NHS staff targeted by tax rebate scam

NHS workers are being targeted by a scam run by tax rebate companies that claim they offer services where they can get a refund, according to a warning put out by Action Fraud, the UK’s national reporting centre for fraud and cyber crime

Tax / Stamp duty land tax avoidance schemes hit the wall

There has been a sharp drop in the amount of unpaid stamp duty land tax (SDLT) collected by HMRC over past year, which was a third of the previous year’s total, suggesting the crackdown on property-based tax avoidance schemes is having an impact, according to law firm Collyer Bristow

Tax / House of Lords committee calls up HMRC chiefs to defend Making Tax Digital

Making Tax Digital will be back in the spotlight on Wednesday as sneior HMRC officials are called up to give evidence at the House of Lords committee reviewing the draft clauses of the Finance Bill 

Tax / Self-employed face Class 2 NICs payment errors

Concerns are mounting that some self-employed workers are at risk of missing out on future pension payments because of a lack of clear communication between HMRC and the National Insurance office (NI office) over payment of Class 2 National Insurance contributions (NICs)

Tax / HMRC slams door on two remuneration schemes used to avoid tax

HMRC has added two disguised remuneration structures which used annuities to avoid income tax and national insurance contributions (NICs) to its list of tax avoidance schemes

Tax / VAT relief for buying adapted cars ‘blunt instrument’

Restrictions on the VAT relief available for disabled people when buying cars could increase the costs of changing vehicles and make it harder for disabled drivers to swap to a more suitable vehicle when their circumstances alter, warns the Low Incomes Tax Reform Group (LITRG)

Tax / HMRC axes QROPS digital service for overseas pension reporting

HMRC is to close the online service for managing qualifying recognised overseas pension schemes (QROPS) in six weeks’ time, while plans to limit overseas transfers have come under fire

Tax / HMRC updates form SA370 for late self assessment penalty appeals

Anyone receiving a penalty from HMRC for late filing of a self assessment form for tax year 2015/16 must complete an SA370 appeal form within 30 days if they dispute the fine, although only the basic £100 fine appeal process is available online

Tax / Riley: Making Tax Digital means Making Tax Digital

Last week saw an interesting few days. We had the vote on triggering Article 50 in the Commons and a day later the publication of the Brexit White Paper. Getting in just before the filing deadline of 31 January, HMRC’s response to the six consultations on Making Tax Digital landed with a thud. Jonathan Reilly, head of tax at Grant Thornton reacts to the digitisation plans  

Tax / HMRC consults on ISA rule changes for deceased estate

HMRC is consulting on draft legislation to extend ISA tax advantages to investments held within an account after the death of the account holder to reduce the taxable charge