The ATT has made the following Budget representations:
Income tax simplification which covers the following points:
providing an enduring ‘opt-in’ to income tax self-assessment to simplify the position for taxpayers who would prefer to file tax returns despite not being obliged to under HMRC’s existing criteria;
simplifying jointly-owned property rules toalign the income tax treatment of assets jointly owned by co-habiting spouses/civil partners with that applying to other joint owners, in particular to avoid unnecessary side effects of abolishing the furnished holiday lets regime;
relaxing the rules on carrying back gift aid donations toallow carry back of gift aid donations to the previous tax year via amendments to that year’s tax return; and
removing income covered by the savings allowance and dividend allowance from the calculation of adjusted net income which would align the treatment of that income with income covered by the property and trading allowances.
IHT reliefs on shares which have lost value: requesting that the period in which executors can sell shares at a loss and claim relief from inheritance tax be extended to 18 or 24 months, as many estates are struggling to obtain the required grant of probate in time to benefit from this relief.
Mileage allowances: recommending that all of the Approved Mileage Allowance Payment (AMAP) rates be uprated to better reflect the current costs of running and maintaining a personal vehicle. Thereafter, AMAPs should be reviewed and updated on an annual basis.
Trivial benefits: the ATT would like to see the rules amended to allow relief where an employer reimburses an employee for a purchase which would have qualified as a trivial benefit, had the employer paid for it directly, and increase the £50 limit.
The ATT has made the following Budget representations:
Income tax simplification which covers the following points:
providing an enduring ‘opt-in’ to income tax self-assessment to simplify the position for taxpayers who would prefer to file tax returns despite not being obliged to under HMRC’s existing criteria;
simplifying jointly-owned property rules toalign the income tax treatment of assets jointly owned by co-habiting spouses/civil partners with that applying to other joint owners, in particular to avoid unnecessary side effects of abolishing the furnished holiday lets regime;
relaxing the rules on carrying back gift aid donations toallow carry back of gift aid donations to the previous tax year via amendments to that year’s tax return; and
removing income covered by the savings allowance and dividend allowance from the calculation of adjusted net income which would align the treatment of that income with income covered by the property and trading allowances.
IHT reliefs on shares which have lost value: requesting that the period in which executors can sell shares at a loss and claim relief from inheritance tax be extended to 18 or 24 months, as many estates are struggling to obtain the required grant of probate in time to benefit from this relief.
Mileage allowances: recommending that all of the Approved Mileage Allowance Payment (AMAP) rates be uprated to better reflect the current costs of running and maintaining a personal vehicle. Thereafter, AMAPs should be reviewed and updated on an annual basis.
Trivial benefits: the ATT would like to see the rules amended to allow relief where an employer reimburses an employee for a purchase which would have qualified as a trivial benefit, had the employer paid for it directly, and increase the £50 limit.
