Andrew Goldstone and Katya Vagner (Mishcon de Reya) provide the monthly update on the latest tax developments affecting private clients.
Taxation of income: OTS report on savings and investment income
The Office of Tax Simplification published a report exploring the potential areas for simplification of personal taxation of savings and investment income. The report summarises the current tax regime and makes several recommendations for further review including:
Streamlining income tax rates and allowances: The report acknowledges that the regime's current features (including the starting rate for savings the personal savings allowance the dividend allowance and other allowances) are complex and that even HMRC's software doesn't always get it right. Some of the recommendations include exempting savings interest completely and amalgamating the starting rate and personal savings allowance.
Introducing a personal tax roadmap: Essentially the government's agenda for personal...
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Andrew Goldstone and Katya Vagner (Mishcon de Reya) provide the monthly update on the latest tax developments affecting private clients.
Taxation of income: OTS report on savings and investment income
The Office of Tax Simplification published a report exploring the potential areas for simplification of personal taxation of savings and investment income. The report summarises the current tax regime and makes several recommendations for further review including:
Streamlining income tax rates and allowances: The report acknowledges that the regime's current features (including the starting rate for savings the personal savings allowance the dividend allowance and other allowances) are complex and that even HMRC's software doesn't always get it right. Some of the recommendations include exempting savings interest completely and amalgamating the starting rate and personal savings allowance.
Introducing a personal tax roadmap: Essentially the government's agenda for personal...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
