Investments

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?

HMRC seem to be allergic to granting an SDLT relief

Allchin (TC2613)

Pollen Estate Trustee Company Ltd & another v CRC, Court of Appeal

The taxpayer has received a pension payment relating to the protected rights of his late wife. Tax has been deducted under PAYE, but does this income form part of relevant UK earnings?

Enterprise investment scheme relief is important and valuable. The relief can be lost by the investing taxpayer if the recipient company does not “employ” the funds within the specified period of time