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Official rate
The official rate of interest is 4%. This rate has applied since 6 April 2010 and is unchanged for the 2012/13 tax year, subject to review in the event of significant rate changes.
CFCs legislation
Draft legislation in relation to controlled foreign companies, VAT online and the seed enterprise investment scheme has been published for comment.
CT600 updated
A new version of the CT600J ‘Disclosure of tax avoidance schemes’ supplementary page has been published by HMRC. In addition, they have redesigned the CT600 guide to add direct links to the online guidance companies need to complete their company tax return form CT600 (2008) version 2 and any appropriate supplementary pages.
Notice 48 ESCs
The latest version of notice 48 is available. It cancels and replaces the previous version dated January 2011.
Pensions limit
From 6 April 2011 the annual allowance for tax relief was reduced to £50,000. A calculator is available on HMRC’s website, for taxpayers to calculate the total amount of their savings and any unused annual allowance for certain types of pension savings for 2011/12.
