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07 February 2001
Revenue press releases
Tax law rewrite
The Tax Law Rewrite project has published its latest exposure draft for consultation. This draft, Employment Income: Part 2, rewrites the second tranche of employment income legislation and includes exemptions, deductions, and a couple of free-standing Schedule E charges.
Comments should be sent by 30 March 2001 to David Mutton, Tax Law Rewrite project, Inland Revenue, Room 826, Bush House, South West Wing, Strand, London WC2B 4RD, e-mail: David.Mutton@ir.gsi.gov.uk.
Tax law rewrite
The Tax Law Rewrite project has published its latest exposure draft for consultation. This draft, Employment Income: Part 2, rewrites the second tranche of employment income legislation and includes exemptions, deductions, and a couple of free-standing Schedule E charges.
Comments should be sent by 30 March 2001 to David Mutton, Tax Law Rewrite project, Inland Revenue, Room 826, Bush House, South West Wing, Strand, London WC2B 4RD, e-mail: David.Mutton@ir.gsi.gov.uk.
Revenue press releases
Tax law rewrite
The Tax Law Rewrite project has published its latest exposure draft for consultation. This draft, Employment Income: Part 2, rewrites the second tranche of employment income legislation and includes exemptions, deductions, and a couple of free-standing Schedule E charges.
Comments should be sent by 30 March 2001 to David Mutton, Tax Law Rewrite project, Inland Revenue, Room 826, Bush House, South West Wing, Strand, London WC2B 4RD, e-mail: David.Mutton@ir.gsi.gov.uk.
Copies of this Exposure Draft can be obtained free of charge from the Inland Revenue Information Centre, Bush House, South West Wing, Strand, London WC2B 4RD. Copies are also available on the Internet at www.inlandrevenue.gov.uk.
(Source: Inland Revenue press release dated 31 January 2001.)
Stamp duty regulations
New regulations have been laid exempting from stamp duty, or stamp duty reserve tax, transfers of equity securities, or agreements to transfer equity securities, to the London Clearing House Ltd (or its nominee) in its capacity as a person providing clearing services in connection with transactions made on the London Stock Exchange. Similar regulations are already in place in relation to Tradepoint, LIFFE, the OM London Exchange and Jiway.
The new regulations are The Stamp Duty and Stamp Duty Reserve Tax (Investment Exchanges and Clearing Houses) (The London Stock Exchange) Regulations 2001 (SI 2001/255). They take effect from 26 February 2001.
Copies are available from the Stationery Office and from the Inland Revenue's website: www.inlandrevenue.gov.uk.
(Source: Inland Revenue press release dated 2 February 2001.)
Savings legislation
The Inland Revenue has published draft regulations implementing changes to the rules for individual savings accounts and personal equity plans announced in the pre Budget report in November.
The draft regulations:
* extend cash individual savings accounts to 16 and 17 year olds (although whether this will have much practical effect is doubtful as many in this age group can certify themselves as non-taxpayers to receive gross interest);
* extend the more flexible individual savings account rules on investments, transfers and administrative procedure to personal equity plans;
* allow the spouses of Crown servants serving overseas to open individual savings accounts.
The regulations also provide for the extension of the overall £7,000 subscription limit for a further five years.
The changes will, subject to Parliamentary approval, take effect from 6 April 2001.
Copies of the draft regulations are available from: Keith Brown, Inland Revenue, Capital and Savings, Room 132A, New Wing, Somerset House, Strand, London WC2R 1LB. They are also on the Inland Revenue website: www.inlandrevenue.gov.uk.
Comments are invited on the draft regulations and should be sent to Keith Brown at the above address or e-mailed to pep-isaregs@ir.gsi.gov.uk by Friday 2 March 2001.
(Source: Inland Revenue press release dated 2 February 2001.)
Tax law rewrite
The Tax Law Rewrite project has published its latest exposure draft for consultation. This draft, Employment Income: Part 2, rewrites the second tranche of employment income legislation and includes exemptions, deductions, and a couple of free-standing Schedule E charges.
Comments should be sent by 30 March 2001 to David Mutton, Tax Law Rewrite project, Inland Revenue, Room 826, Bush House, South West Wing, Strand, London WC2B 4RD, e-mail: David.Mutton@ir.gsi.gov.uk.
Copies of this Exposure Draft can be obtained free of charge from the Inland Revenue Information Centre, Bush House, South West Wing, Strand, London WC2B 4RD. Copies are also available on the Internet at www.inlandrevenue.gov.uk.
(Source: Inland Revenue press release dated 31 January 2001.)
Stamp duty regulations
New regulations have been laid exempting from stamp duty, or stamp duty reserve tax, transfers of equity securities, or agreements to transfer equity securities, to the London Clearing House Ltd (or its nominee) in its capacity as a person providing clearing services in connection with transactions made on the London Stock Exchange. Similar regulations are already in place in relation to Tradepoint, LIFFE, the OM London Exchange and Jiway.
The new regulations are The Stamp Duty and Stamp Duty Reserve Tax (Investment Exchanges and Clearing Houses) (The London Stock Exchange) Regulations 2001 (SI 2001/255). They take effect from 26 February 2001.
Copies are available from the Stationery Office and from the Inland Revenue's website: www.inlandrevenue.gov.uk.
(Source: Inland Revenue press release dated 2 February 2001.)
Savings legislation
The Inland Revenue has published draft regulations implementing changes to the rules for individual savings accounts and personal equity plans announced in the pre Budget report in November.
The draft regulations:
* extend cash individual savings accounts to 16 and 17 year olds (although whether this will have much practical effect is doubtful as many in this age group can certify themselves as non-taxpayers to receive gross interest);
* extend the more flexible individual savings account rules on investments, transfers and administrative procedure to personal equity plans;
* allow the spouses of Crown servants serving overseas to open individual savings accounts.
The regulations also provide for the extension of the overall £7,000 subscription limit for a further five years.
The changes will, subject to Parliamentary approval, take effect from 6 April 2001.
Copies of the draft regulations are available from: Keith Brown, Inland Revenue, Capital and Savings, Room 132A, New Wing, Somerset House, Strand, London WC2R 1LB. They are also on the Inland Revenue website: www.inlandrevenue.gov.uk.
Comments are invited on the draft regulations and should be sent to Keith Brown at the above address or e-mailed to pep-isaregs@ir.gsi.gov.uk by Friday 2 March 2001.
(Source: Inland Revenue press release dated 2 February 2001.)
