Robert Waterson (RPC) reviews guidance from the Court of Appeal on the meaning of ‘sham’.
Thomas Dalby (Gabelle) answers a query about an employee share scheme for a company that had been sold to a private equity house.
A settlement was not employment earnings
Taxpayers in the UK are working two days longer on average in 2015 than in 2014 before they stop paying taxes and start earning for themselves, according to ACCA. ‘Tax freedom day’, calculated annually by the Adam Smith Institute, falls on 31 May.
HMRC has released the tax receipt figures for April 2015. The figures show improvements in corporation tax, with less growth in income tax and VAT, and a fall in stamp duty revenues of 0.17% from last year. Corporation tax receipts of £5.69m have risen 11.34% from last year.
Mark Groom and Karen Toora (Deloitte) summarise the most significant employment tax changes to look out for, along with key dates for employers and employees in 2015/16.
From April 2016, the government will introduce an allowance to remove tax on up to £1,000 of savings income for basic rate taxpayers and up to £500 for higher rate taxpayers. The government said that savings income that remains taxable will be collected through the PAYE coding system.
As announced at Budget 2015, the Financial Services and Markets Act 2000 (Collective Investment Schemes) (Amendment) Order, SI 2015/754, will allow social investment tax relief funds to be promoted direct to the general public in the same way as enterprise investment scheme funds with effect from
The Working Tax Credit (Entitlement and Maximum Rate) (Amendment) Regulations, SI 2015/605, tighten up the eligibility conditions for those claiming working tax credit on the basis of self-employment with effect from 6 April 2015.
The Tax Credits Up-rating Regulations, SI 2015/451, which set out the rates and thresholds of child tax credit and working tax credit, and The Child Benefit and Tax Credits Up-rating Order, SI 2015/567, which set out the increased weekly rates of child benefit and child/working tax credits payabl