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.
A flat management company owns the freehold of two houses divided into eight flats. Originally, six of the lessees owned shares in the company, but the other two have now also purchased shares. The lessees wish to extend their leases
HMRC have commissioned an enhanced stamp duty reserve tax (SDRT) assessment system, which is scheduled to go live in June 2014.
The aim of the new offering – developed and delivered by financial services company Euroclear UK & Ireland Ltd – will be to rebalance the established market practice of gross transactions being sent for reporting and assessment for SDRT at a centralised point.
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FA 2013 changes to solve inheritance tax problems can cause unexpected stamp duty liabilities
HMRC have made changes to the processes for pension registration and transfers between schemes. The new set up, which is effective from this month, is aimed at deterring pension liberation and safeguarding retirement savings.
The registration process is to move away from a ‘process now, check later’ approach, meaning registration will no longer be confirmed on successful submission of an online form.
HMRC have launched an online tool to help employees check whether or not they need to calculate their annual allowance tax liability, even if they have not received a pension statement.
Pension providers should have recently sent annual allowance statements for 2011/12 and 2012/13 to members who have contributed more than the maximum £50,000 a year to a scheme. The issue of statements was a legislative requirement of FA 2011.
By Robert Gaines; £87.50 (incl p&p); Claritax Books
Responsible stamp duty land tax planning is possible in spite of three sets of legislative provisions
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