.png)
.png)
Negligible values
HMRC have accepted the following security as having negligible value during February 2006 for the purposes of a claim under TCGA 1992, s 24(2).
|
Company |
Security |
Effective date |
|
Izodia plc |
ords |
19 May 2004 |
Where the value of shares has become negligible, an allowable loss may be established by the owner claiming that they are treated as being sold and reacquired, either on the date of the claim or at a specified time within the two tax years prior to the date of claim.
See www.hmrc.gov.uk/cgt/negvalist.htm for the full list of negligible value securities.
Help on PAYE
HMRC are writing to over 70,000 employers who made errors on their 2004-05 online employer's annual return to help them avoid making the same mistakes for 2005-06. The letters contain a list of the errors the employer made in 2004-05 and a help-sheet showing how to avoid the most common errors. Employers who made more than 400 errors will get their list on CD-ROM.
Employers do not have to correct or re-send their 2004-05 return, as HMRC have already corrected the errors. But HMRC warn that employers must avoid the same errors on their 2005-06 return or it will be rejected.
www.hmrc.gov.uk
It's official
Tax Bulletin 81 was published by HMRC recently. It contained an article on tax equalisation announcing some changes to the PAYE and National Insurance procedures available to certain employers with internationally mobile employees. The changes have been made to Appendix 6 of HMRC's Employment Procedures Manual, which has been revised to include them.
Employers who already operate modified PAYE for tax equalised employees will need to re-apply under the revised procedures before 6 April 2007. Where an application has not been made under the revised procedures before 6 April 2007, any modified arrangement governed by an earlier version of Appendix 6 will be regarded as terminated with effect from the start of 2007-08. All new applications to operate modified PAYE for expatriate employees should be made in accordance with the revised procedures.
The revised procedures do not apply to employees who are resident, ordinarily resident and domiciled in the UK, nor to employees who are equalised on only part of their earnings.
The bulletin also describes the rules for modified National Insurance for tax equalised employees which work in a similar way to the income tax rules.
Tax Bulletin 81, February 2006
