An examination of the gift aid changes for the new financial year
HMRC are set to introduce a brace of statutory instruments to address the tax treatment of trail commission paid to non-resident investors.
March’s Revenue & Customs Brief 4/13 discussed the latest handling of payments made to investors in collective investment schemes and other insurance products where the money did not arise as a distribution from the investment but was made to the investor by the fund manager or other intermediary.
Knowledgepoint 360 Group Ltd v CRC, Upper Tribunal (Tax and Chancery Chamber)
HMRC have announced new fuel rates for company cars. They will apply to all journeys on or after 1 June 2013 until further notice.
Employers may use either the previous or new rates for one month from the date of change and, therefore, make or require supplementary payments. They are under no obligation to do either. Petrol hybrid cars are treated as petrol vehicles for this purpose. The amounts can be used for VAT, but employers must retain receipts.
There are dangers in ITEPA 2003, s 222 if the strict time limit is ignored
Limited tax relief will be available from June for workers whose employer pays or reimburses the charge for subscribing to the Disclosure and Barring Service (DBS) update service, and for criminal records certificates.
The government expects the measure to affect up to 11.4m employees in the first five years of the DBS update service, which is to replace the Criminal Records Bureau (CRB) and Independent Safeguarding Authority.
T Daniel (TC2565)
HMRC have issued a consultation on two aspects of partnership rules, with the intention of removing the presumption of self-employment for some limited liability partnership members to tackle the disguising of employment relationships, and to counter the manipulation of profit and loss allocations.
Incorrect real-time information tax codes are being issued for businesses that have submitted employer alignment submissions (EAS) or full payment submissions (FPS) that are incomplete or partial.
Examples include where an employer:
R Anderson (TC2555)
Business expenses will be incurred by one-man limited companies and these will need to be shown on a form P11D and a deduction claimed
A client carried on a business through a “one-man” limited company, which has ceased trading but has retained profits. Because he is liable to higher rate tax in retirement, he proposes to gift the shares to his wife to enable her to draw dividends
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