Finance Act 2010 – Changes to tax legislation already in force

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Changes to tax legislation already in force

The relatively short Finance Bill quickly completed all of its parliamentary stages and gained Royal Assent on 8 April 2010.  In summary, in the context of payroll, the new Act makes the following changes:

• the new 50% additional rate of tax, effective from 2010/11
• the bank payroll tax is defined (although the chargeable period has already ended)
• the high income excess relief charge on pension contributions where gross incomes exceed £130,000/£150,000 is defined, effective from 2011/12
• the related changes to the special annual allowance in charge, effective from 2009/10

  provisions to strengthen the disclosure requirements for tax avoidance schemes, effective date to be announced

• new definitions of CO2 emission levels for the car benefit charge, and the temporary removal of the charge for cars and vans with no CO2 emissions, various effective dates starting from 2010/11
• removal of the subsidised meal exemption when provided in conjunction with salary sacrifice and flexible benefits schemes, effective from 2011/12.

Further information:

Finance Act 2010

This entry was posted on Thursday, April 15th, 2010 at 08:52 and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.