Advice is required on how ITTOIA 2005, s 629 taxes the trust income on the settlor of a parental discretionary trust and how payments to the children are matched against the “available trust income”
Advantages and pitfalls of dividends paid to spouses and civil partners
The first Finance (No. 2) Bill 2014 committee meetings maintained the usual low standard
The first complete tax year under real-time information (RTI) for the majority of employers worked well, with only one major problem, according to the taxman.
HMRC have been conducting weekly end-of-year teleconferences with employer representatives since 31 March, at the request of Payroll Alliance, the LexisNexis service.
The department says information for 2014/2014 flowed through to its systems as expected, with the only significant obstacle being the Government Gateway server crash on 11 April.
The annual allowance for retirement savings has fallen to £40,000 from £50,000.
The change – with effect from 6 April 2014 – means pensions contributions in excess of the cap during a tax year may be subject to a charge, which must be declared on a self assessment tax return.
But unused allotments from previous periods can be carried forward for up to three years to cover excess contributions. There are two calculators:
HMRC now calculate tax credits awards through the real-time information (RTI) system.
The new set-up – effective from 6 April 2014 – means renewals notices will show the total gross pay for the year, which may be from more than one source.
Claimants should check that income details shown are correct and contact the Revenue as soon as possible if they think the information is wrong, the tax department said.
Some claimants may contact their employer or pension provider if they think the income is wrong. In which event, the employer or pension provider should:
N White (TC3354)
J R Swanston (TC3350)
G Whittle (TC3393)
Hok Ltd and other reductions of individuals’ tax rights
Knowles Warwick Ltd (TC3362)