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The uncertainty continues over the NIC treatment of employers' contributions to a funded unapproved retirement benefit scheme. Nobody ever thought that NICs applied to contributions to FURBS — except the Inland Revenue who in 1997 published a press release expressing its view. It has never satisfactorily explained its reasoning, but many people have paid NIC just for an easy life. However, in 2000, the case of Tullett and Tokyo Forex International Limited v Secretary of State for Social Security came to the rescue.
Correspondence
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Items of correspondence from readers on topical subjects.
Artistic licence?
PETER VAINES ATII, FCA, Barrister, TEP reviews a disturbing decision in a recent professional negligence case.
The recent judgment of the High Court in the case of Grimm v Newman is so alarming that it is deserving of immediate comment. I have no doubt that more considered and learned comments will be made in due course.
The Revenue's policy with regard to non-resident landlords' interest paid on United Kingdom properties is suspect, says Peter Vaines FCA, ATII, TEP, barrister.
The transfer pricing legislation was substantially amended in 1998, and is now found in Schedule 28AA to the Taxes Act 1988. One of the more significant changes was to extend the principle of self assessment to transfer pricing, placing a much heavier burden on the taxpayer in determining transfer pricing issues.
