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Tax and the City briefing for September 2015

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3 September 2015
Card image Mark Middleditch

Mark Middleditch (Allen & Overy) reviews the latest tax developments that matter, including withholding tax consultation, regulatory capital, changes to DOTAS, and penalties for the GAAR.

Withholding tax consultation 

 
On 15 July HMRC issued a consultation document on the deduction of income tax from savings income. 
 
The context here is the new personal savings allowance (PSA) which from April 2016 will give individual basic rate taxpayers £1 000 of savings income free of tax. Also from April 2016 the tax deduction scheme for interest (TDSI) will cease so that banks and building societies will no longer have to deduct tax from interest on the deposits of individuals partnerships or trusts. 
 
This...

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