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finance bill 2013
Statutory Residence Test Online Indicator
From 06 April 2013, an individual’s tax residence status in the UK is determined by the Statutory Residence Test (SRT). The SRT applies for the purposes of establishing the residence Status, or the residence status of another person where relevant, for: Income tax Capital Gains Tax and, Where relevant Corporation Tax and Inheritance [...]
Tax Exemption – Employer Supported Childcare
The provision of childcare facilities for children of employees, generally, gives rise to a taxable benefit. However, Section 318A of the Income Tax (Earnings and Pensions) Act 2003 (ITEPA) allowed a tax exemption on employer-supported childcare provision. This affected employers who directly-contract to provide childcare or, more commonly, operate a childcare voucher scheme. The tax [...]
Tackling Tax Avoidance and Evasion, Auto-Enrolment Thresholds 2013/14, Statutory Payment Rates 2013/14, National Insurance Thresholds 2013/14, Car and Van Fuel 2013/14, Employment Law Payments and Awards from February 2013, TPR Encourages Auto-Enrolment into Good Quality DC Schemes and Stakeholder Pensions and Auto-Enrolment.
This week we are tidying up the Autumn Statement with some of the usual late announcements. Coupled with the ‘special’ page on our Website, we are pretty much set for the new tax year now. The Finance Bill 2013 is set to be published this week in draft format. Also, I am so pleased to [...]
Pensions
We already knew from Budget 2012 that legislation would be introduced in the Finance Bill 2013 to remove the tax and NICs advantages of an employer paying a part of an employee’s remuneration into a family member’s pension pot. At Budget 2012, the report stated that ‘technical improvements will also be made to the annual [...]
Statutory Residence Test
At Budget 2011, the Government announced that it would be introducing a statutory definition of UK tax residence. A consultation followed with the expectation that a Statutory Residence Test would be included in the Finance Bill 2012 and effective 06 April 2012. This would provide clear and concise rules on this complex and confusing area of [...]
Charities and Tax Relief
Budget 2012 announced that Finance Bill 2013 will include plans to impose a cap on ‘unlimited tax reliefs’. This cap is 25% of taxable income, or £50,000, whichever is the greater. This would have included donations made to charities and politicians from all sides as well as charities themselves expressed anger over the proposals. On [...]
Budget 2012 – Pensions
Automatic Review of State Pension Age (SPa) Recent legislative changes have seen increases to the State Pension age from the familiar 65 for men and 60 for women. The current legislative position is as follows: SPa will be equalised at 65 for men and women by November 2018 (Pensions Act 1995, amended by Pensions Act [...]
Budget 2012 – Other
Statutory Residence Test At Budget 2011, the Chancellor announced that there would be a reform of the taxation on non-domiciled individuals and the introduction of a Statutory Residence Test. One of the reasons that this was prompted in the first instance was as a result of the long-running case involving Mr Robert Gaines-Copper and HMRC, [...]
Budget 2012 – Other Taxation
Cap on Unlimited Tax Reliefs Finance Bill 2013 will include legislation to apply a cap on tax reliefs which are, currently, unlimited. This will apply on tax relief claimed on or after 06 April 2013. These tax reliefs allow, for example, an Additional rate taxpayer to contribute unlimited amounts which may bring their income down [...]
Personal Taxation – Budget Update
2012/13 As previously announced, lower personal income tax allowance for those aged under 65 will increase by £630 from £7,475 to £8,105 from this April, equally, there will be a corresponding reduction in the income tax basic rate limit down to £34,370. The result being that, unlike the situation at the beginning of this current [...]
Reform of the Taxation of Non-Domiciled Individuals – Statutory Residence Test
In the 2011 Budget, the Government announced that it would introduce a statutory definition of tax residence, which led to a consultation. We were expecting the introduction of a Statutory Residency Test from April 2012 to be included in The Finance Bill 2012. However, a Ministerial Statement issued 06 December 2011 advised that a number [...]
