Personal tax

Tax / Childcare and tax: what you need to know – part 1

In part one of a series on childcare tax issues, Julie Clift CTA, specialist tax writer at Croner-i, looks at changes to tax breaks for childcare costs, focusing on compliance and eligibility for the tax-free child care scheme and issues for those still signed up to the legacy childcare voucher scheme

Tax / BBC to scrap free TV licences for over 75s

Over three million pensioners will lose their free TV licences from next year when the BBC takes over the funding liability and limits the benefit to those receiving pension credits

Tax / BFI, DCMS back return of film fund tax break

The British Film Institute (BFI) is backing a so-called ‘new breed’ creative content Enterprise Investment Scheme (EIS) fund, which will offer investors the opportunity to put money into UK film and screen companies’ productions, to meet demand from streaming services

Tax / HMRC refunds £1.8m child benefit tax penalties

HMRC has made £1.8m in refunds to nearly 5,000 taxpayers as a result of cancelling ‘failure to notify’ penalties in high income child benefit charge (HICBC) cases, on the grounds they had a reasonable excuse

Tax / Dodwell: does the cost of tax reliefs make sense?

The personal allowance costs the government £195bn a year in tax relief, while inheritance tax exemptions amount to £17bn a year, just some of the numerous reliefs adding to the complexity of the tax system but necessary to determine tax liability. Bill Dodwell, head of the Office for Tax Simplification (OTS), analyses the annual costs to the Exchequer

Tax / Government set to review NHS pension taxation stranglehold

In response to concerns that changes to pension taxation due to reductions in the tapered annual allowance has resulted in highly paid NHS medial staff cutting their hours or retiring early, the government is to consult on way to make pensions more flexible for senior clinicians delivering frontline care, reports Pat Sweet

Tax / Machinations of follower notices and accelerated payment notices

As part of the government’s clampdown on aggressive tax avoidance schemes, HMRC was given powers to issue follower notices and accelerated payment notices (APNs). Meg Wilson CTA, specialist tax writer at Croner-i, examines their effectiveness and the grounds for cases won by taxpayers

Tax / Inheritance tax reliefs save UK’s richest £666m a year

Some of the wealthiest families in the UK are benefiting from up to £666m a year in inheritance tax (IHT) reliefs on agricultural land and business property, according to HMRC data obtained by Tax Justice UK

Tax / Tax data: CGT data, HMRC rates of interest - June 2019

Download the current HMRC CGT indexation allowance applicable from December 2017 onwards, RPI index for April 2019 and HMRC rates of interest, and the current stamp duty land tax (SDLT) and land and buildings transaction tax (LBTT) rates, and more

Tax / Tax updates: June 2019

In this month’s tax updates, cases include tax return uncertainty over 'discovery' decision in Tooth case, DIY housebuilder wins VAT refund case in Swales, managed service company status in Costelloe Business Services, plus lifetime giving rules for inheritance tax and HMRC ordered to delete illegally held voice records

Tax / CIOT publishes update on rules on taxation of non-doms

The Chartered Institute of Taxation (CIOT) has published further comments from HMRC on the taxation of non-doms, rebasing and the foreign capital losses election rules to clarify complexities over interpretation of the rules

Tax / Funding for EIS and SEIS tax reliefs hits £2.1bn

The number of companies applying to use tax reliefs such as the enterprise investment scheme to attract investors has risen slightly in the last 12 months with over £2.1bn in funding approved as investors look to maximise returns

Tax / Finance sector at risk of IR35 contractor walkout

More than two thirds (71%) of UK finance firms are considering taking a blanket approach to managing the new IR35 legislation, due to come into force in 2020, as they do not have the time to assess contractors individually, research by Brookson Legal has revealed

Tax / Lessons from HMRC’s latest IR35 defeats

Following two defeats over IR35, HMRC appears to be struggling to apply the controversial tax rule, but each case should be judged on the facts and the whole picture, warns Caroline Harwood, head of share plans and reward at Crowe

Tax / Prosecutions top 1,000 as HMRC focuses on tax evasion by individuals

The government launched 1,007 prosecutions against individuals for tax evasion offences last year, as the HMRC clampdown on tax evaders intensified