Income Tax

Dr A Gayen (TC2556)

M Healey (TC2591)

The original director of a business is now over the retirement age and he is under pressure from a new director and co-shareholder to retire. A compensatory payment of £30,000 has been mentioned

HMRC’s Employment Income Manual states that “PAYE is not generally due on a non-transferable store gift voucher.” However, this does not mean no income tax will be due

F Weerasinghe (TC2542)

The Office of Tax Simplification’s proposals for pruning unapproved share schemes

Employers and tax agents can now report end-of-year expenses and benefits electronically, using a new set of online forms. The service is likely to be most useful for small and medium-sized employers when submitting their employees’ expenses and benefits information, said HMRC.

Only two forms are available – with an equivalent for agents to use on behalf of clients – but more are planned. Web users can access currently:

HMRC claim to class 4 liability “on shaky foundations”, says Baker Tilly partner

L Meynell-Smith (TC2531)

N Coxon (TC2530)

C Rawcliffe (TC2529)

It is time to reconsider the taxation of life insurance bonds