End of year summary due by 19 April
A look at the National Audit Office report on the landscape of tax breaks
Consequences for income tax when a new shareholder acquires nil or partly paid shares
N McLocklin (TC3182)
A woman wishes to buy a property in Florida. She and her husband are 50:50 shareholders of a limited company through which she carries on her trading business. The company is cash rich, so the client is considering a joint purchase of the property
A new scheme of tax-free childcare is scheduled to launch in autumn 2015 and rolled out within a year to all eligible families with children under 12, the government has announced. An earlier version of the set-up had the age limit at four years old.
The subsidy itself has also been increased, meaning parents will receive as much as £2,000 for each child: 20% support on care costs up to £10,000. The maximum amount proposed originally was £1,200.
RTI guidance updated
The new tax and National Insurance (NI) rules on offshore employment intermediaries will take effect from 6 April.
With regard to offshore intermediaries:
Each Taxation writer provides a tetrad of analyses of the chancellor’s announcements
Employers face penalties at the end of the 2013/14 if they should have started using the real-time information (RTI) system but have not yet done so, HMRC have warned.
The department urged firms to act immediately, having already issued letters in June and September 2013 to urge employers to start reporting PAYE in real time as soon as possible.
CRC v Apollo Fuels Ltd and others, Upper Tribunal (Tax and Chancery Division)
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