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

Other Direct Tax Updates

I. Share Scheme Returns

The amount of information that companies have to provide on their share scheme returns for 2007/08 and later years has been reduced. Copies of the revised returns are now available from the HMRC website.

II. Pensions

HMRC have advised that tax returns for the quarter ending 30 September 2007 had to be submitted by 14 November – online.

The thirty first Pensions Tax Simplification newsletter is available from the HMRC website.

III. Interest without deduction of tax

HMRC have updated their leaflet on receiving interest without deduction of tax, which includes the form ‘Getting your interest without tax taken off (R85 2007)’.

A copy of the updated leaflet “Bank and Building Society Interest – Are you paying tax when you don't need to?” is available at http://www.hmrc.gov.uk/leaflets/ir111.pdf.

IV. National Insurance Contributions

The National Insurance Contributions Bill was introduced in the House of Commons on 13 November.

The changes include the alignment of the Upper Earnings Limit and the Upper Profits Limit for National Insurance contributions, with the increased level at which higher rate income tax becomes payable from 2009/10; and changes to the State Second Pension to bring forward the introduction of the Upper Accrual Point to 6 April 2009.

V. Winding up a company

HMRC have updated their factsheet on what to do when winding up a company. A separate factsheet has been updated for Northern Ireland. The factsheets are available from the HMRC website.