Investments

Pensions e-filing

HMRC are urging pension scheme administrators to register now for online filing for scheme registrations, returns, etc. The relevant information will have to be submitted online from 16 October 2007. HMRC state that 'e-mandated information submitted by paper after 15 October 2007 will be returned to the sender, and will be deemed as not received'.

New recognised exchanges

FA 2005, s 48A has rules for the taxation of 'alternative finance investment bonds' — a Shari'a compliant security, which is known as 'sukuk' and which is economically equivalent to conventional interest-bearing securities.
A condition of the tax treatment of such bonds is that they are listed on a 'recognised stock exchange'. FA 2005, s 48A(3) allows for an Order to be made specifying such exchanges and HMRC have now designated the following stock exchanges as recognised stock exchanges for the purposes only of FA 2005, s 48A.

The eighth and ninth sittings of the Finance Bill are reported by ALLISON PLAGER.

New look R40

HMRC have redesigned the R40 'Tax repayment form'. This form is used by around 600,000 people every year, mainly pensioners, married women and children, to claim back tax deducted from bank or building society interest, or other investment income.
The new four-page form has the same look and feel as the short self assessment tax return, introduced last year, and follows a successful two-year trial involving around 1,000 people.