Investments

John Mander Pension Scheme Trustees Ltd v CRC, Court of Appeal

The government is to allow savings kept in a child trust fund (CTF) to be transferred to a junior ISA from April 2015. The move follows an HM Treasury consultation that received 761 responses, the overwhelming majority of which expressed support for allowing transfers.

Harvey’s Jersey Cream Ltd (TC3045)

HMRC have published guidance on the stamp duty land tax (SDLT) treatment of de-enveloping transactions, which are expected as firms move to duck the new annual tax on enveloped dwellings (ATED).

Companies may de-envelope a property by a capital distribution to shareholders following liquidation of the company. The tax consequences of de-enveloping will depend on whether or not there is consideration given by the shareholders for the transfer of the property.

Does the working farmer relief apply to property transferred on the death of a husband to his wife, who was a partner in a farming business?

Dealing with the effects of reduced pension allowances

Implications of holding investment bonds in trust

HMRC are offering a service to allow pension scheme administrators and trustees to reconcile their own membership data with the tax department's record, in advance of the ending of contracting-out in April 2016.

The new offering provides a list of contracted out periods and guaranteed minimum pension data for members who have left contracted-out employment, including early leavers, pensioners, widows, widowers and surviving civil partners.

The service will provide information from April 2014, but requests for data can be made immediately.

HMRC have launched an online service for overseas scheme managers and UK scheme administrators of qualifying recognised overseas pension schemes (QROPS).

Users of the new offering can notify the Revenue that a scheme is a recognised overseas arrangement, and report payments made out of funds received from a UK pension scheme.

The system also allows managers to notify tax officials of fund value, change to details or status, and additional information required for schemes that were formerly QROPS.

HMRC have confirmed that taxpayers in Scotland with benefit from an income tax break on their pensions at the local rate.

The announcement follows work between the department and pensions industry to identify ways to deliver Scottish basic rate relief through the relief-at-source (RAS) process.

The Scottish rate of income tax (SRIT) is expected to be implemented in April 2016, after being introduced in the Scotland Act 2012.

National Insurance; capital gains tax; social investment tax relief; creative industries; avoidance; Charity Commission

Tax experts have raised concerns about the government’s plan to impose capital gains tax (CGT) on overseas residents who sell UK property, calling it an attack on rich non-voters and warning that it could discourage foreign investors.

The chancellor, George Osborne, announced the charge in his autumn statement today, after weeks of speculation it would form part of an anti-avoidance package in his speech to the Commons.