Investments

Record filings

A record 10.74m tax returns were filed for 2012/13 by 31 January, the highest proportion (93.4%) of on-time submissions recorded. Around 8.48m were filed online, passing last year's figure by 0.55m. The busiest day for online returns was 31 January, when HMRC received 569,847. The busiest hour occurred between 4pm and 5pm on the same day: 45,706 returns were received at more than 12 a second, while 21,027 taxpayers filed their return between 11pm and midnight on deadline day.

R Brown (TC3118)

By John Feaster; £68.50; third edition; paperback; 246 pages; Claritax Books

The only activity of a limited liability partnership is as a property investment business. Tax losses are being carried forward with some reduction by subsequent profits. One of the partners now has personal property income, but the LLP losses cannot be set against it

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.

Dealing with the effects of reduced pension allowances

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?

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.