Investments

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

HMRC have issued updated guidance, a new tool and form to allow pension scheme members to apply for fixed protection 2014.

Taxpayers will need to know their National Insurance number to use the form, which must to be completed in one attempt. It cannot be saved and reopened later. Onscreen assistance can be accessed via the question mark icons. (Those who prefer not to use the online service can complete a paper version.)

HMRC are inviting claims for overpaid stamp duty land tax (SDLT) from charities that purchased a property jointly with a non-charity purchaser.

Stephen Charles Willey (TC2731)

A business is owned by a father and his two sons and operates from land owned equally by them and shown as a partnership asset. The father intends to retire, but wishes to keep his share of the land. One son will then purchase the other’s share

The Treasury has launched a consultation on the devolution of stamp duty land tax (SDLT) to the National Assembly for Wales, following recommendations by the Silk Commission.

DV3 RS Ltd Partnership v CRC, Court of Appeal

A client has turned 60 and has been advised that he is entitled to a pension as a result of a relatively short period of employment in the civil service many years ago. He pays tax at 40% on earnings, meaning he would prefer to defer payment of the pension until he retires from full-time employment, but will the tax liability also be deferred?