TaxSource Total

Here you can access summary of the key current tax developments in Ireland, the UK and internationally as reported by Chartered Accountants Ireland

The report of key tax developments are displayed per year, per month, by Ireland, the UK or International and by report title

HMRC - Further Updates

Additional items were published on HMRC's website in the past month, including the following:

  1. National Insurance Services to Pension Industry The second edition of the newsletter for the month of March is now available at http://www.hmrc.gov.uk/nic/newsletter27.pdf.
  2. Pension Tax Simplification Newsletter HMRC have published the twenty sixth and twenty seventh Pensions Tax Simplification newsletters.The newsletters are available at http://www.hmrc.gov.uk/pensionschemes/newsletter26.htm and http://www.hmrc.gov.uk/pensionschemes/ newsletter27.htm.
  3. Long Fund Leasing Election Draft guidance on electing for leases of plant or machinery to be treated as long funding leases has been published by HMRC. The draft guidance is available at http://www.hmrc.gov.uk/leasing/long-funding-lease-election.pdf.
  4. UK Tax Credits HMRC have updated their FAQ “Can I claim for tax credits if I do not live in the UK?” about claiming tax credits for EEA or Swiss nationals residing in the EEA. The FAQ is available at http://www.hmrc.gov.uk/taxcredits/immigration-residency.htm#3
  5. V Charities HMRC have updated the detailed guidance notes on Gift Aid to assist charities to correctly apply relaxed benefit rules when accepting donations for admissions to view charity property.The updated guidance notes are available at http://www.hmrc.gov.uk/charities/guidance- notes/chapter3/sectionf.htm.
  6. Stamp Taxes Online Guidance on “Substantial Performance” notification is available at http://www.hmrc.gov.uk/so/substantial.htm.
  7. Inheritance Tax The Inheritance Tax nil rate band has been increased to £300,000 for deaths on or after 6 April 2007.
  8. Employee Share Schemes Online filing has been introduced for Employee Share Schemes returns and information. Some frequently asked questions are available at http://www.hmrc.gov.uk/shareschemes/online-filing-faqs.htm.
  9. R40 Claim Form The new R40 is the form used to claim back tax deducted on investment income. It has been redesigned to have the same look and feel of the Short Tax Return and guidance notes are available to help you complete the new form. The form is available at http://www.hmrc.gov.uk/ forms/r40.pdf.
  10. Life Assurance Premium Contributions Following the announcement in Budget 2007 in relation to relief for life assurance premium contributions, the Treasury (HMT) and HMRC have provided clarification on two aspects. Further information is available at http://www.hmrc.gov.uk/ pensionschemes/hmt-statement.htm.
  11. Employer Bulletin Issue 26 of the Employer Bulletin is now available at http://www.hmrc.gov.uk/employers-bulletin/index.htm.
  12. Declaring cash when entering and leaving the UK This note on the HMRC website explains to people entering or leaving the UK current HMRC powers in relation to the cash they are carrying. The note is available at http://customs.hmrc.gov.uk/channelsPortalWebApp/channelsPortalWebApp.portal?_nfpb=true&_pageLabel=pageLibrary_PublicNoticesAndInfoSheets&propertyType=document&columns=1&id=HMCE_PROD1_026096.