Retail prices index
The all items retail prices index for November 2006 is 201.1.
IHT news
HMRC recently published their IHT newsletter. Highlights include the following news.
The late Capital Taxes
Capital Taxes no longer exists as an entity, and will now be known as HMRC Inheritance Tax. Over time all references to Capital Taxes, CT and CTO will be removed from official letters, forms and guidance.
IHT newsletters
The HMRC's IHT Newsletter is currently produced three times a year. It is printed and distributed to approximately 7,000 practitioners and is published on the HMRC website at www.hmrc.gov.uk/cto/newsletter.htm.
HMRC are considering whether they should only publish it on their website and stop providing a printed version. However, they realise that the obvious benefit of a paper version is that it actually lands on advisers' desks, so in order to let advisers know when a new edition of the newsletter had been released, HMRC would like to send an e-mail. Advisers who would like to receive notification that the IHT Newsletter has been published should e-mail Capital Taxes at InheritanceTaxCustomerService@gtnet.gov.uk or write to the customer service team at the Nottingham office. HMRC hope to move to an online only version by August 2007.
Such a move seems inevitable, given the way that various other HMRC publications, including Tax Bulletins and Pensions newsletters, have gone. However, it seems that HMRC are waking up to the fact that while it is cheaper to produce online versions of newsletters, they are unlikely to reach such a wide audience. E-mail alerts are certainly a good way of making people aware of their publication, but there will still be some who miss these e-mails or do not, shock horror, use the Internet or e-mail. While such luddites do not, apparently, have a place in HMRC's world, they do exist, and their needs should also be considered.
Presentations
From time to time HMRC are asked by advisers, e.g. a local branch of the Society of Trust and Estate Practitioners, to give a presentation on an inheritance tax related topic. HMRC have been reviewing their policy in this area, mainly with the objective of securing value for money from this activity.
When considering requests to give presentations in future, HMRC will take into account factors such as the cost to them in delivering the presentation, the likely size of the audience and whether the chosen topic is one that would allow them to get across messages about aspects of their business. This new policy means that HMRC will not be able to agree to all requests for presentations.
HMRC say that they are still very keen to talk to groups of advisers face-to-face and intend to use the IHT Newsletter to provide information about the areas of inheritance tax about which they would like to talk on.
So it seems that HMRC are happy to give presentations, but only on subjects of their choosing and which fit in with their agenda. Let's hope these are the subjects that advisers will want to hear about too.
IHT Newsletter December 2006
E-mail tax scam
HMRC are warning of a scam aimed at persuading taxpayers to complete a form with their bank details, on the pretext of receiving a large payment of tax to be made directly into their bank account.
The form, showing a potential tax rebate from HMRC Premier Services — with the name 'Premier Services' in a green box, is not a legitimate HMRC message and should be disregarded. It is a phishing exercise and uses bogus e-mails and websites to trick people into supplying confidential or personal information.
Bearing in mind how much information HMRC expects and wants taxpayers to send them electronically, including bank details for tax repayments on tax returns, they not only have to take responsibility for ensuring that their systems are watertight to prevent scammers from hacking into them but, also, they will have to be vigilant and speedy with their warnings about the phishing scam e-mails which are so prevalent.
www.hmrc.gov.uk
