Approved professional organisations and learned societies 24 November 2015
HMRC has updated the list of professional bodies and learned societies (also known as List 3) with tax-deductible fees.
List 3 is updated periodically and includes all bodies approved by the Commissioners for HMRC up to 27 October 2015. It shows:
professional bodies and learned societies, approved by HM Revenue & Customs (HMRC) for the purposes of Section 344 ITEPA 2003 (formerly S201 ICTA 1988) details of statutory fees or contributions allowable for earlier years 2003-04 onwards are within S343 ITEPA 2003 (for earlier years S201(2) ICTA 1988).
Professional organisations can apply for approval for tax relief using form P356 .
The Income Tax (Pay As You Earn) (Amendment No. 4) Regulations 2015 25 November 2015
Amongst other changes the new regulation 61M will require an authorised employer, who has registered to voluntarily payroll from 2016-17 tax year, to provide, before the 1 June following the end of the tax year in which the specified benefits have been given to their employee/s, information about the specified benefits they have received during the tax year and the cash equivalent of those benefits for the tax year in respect of which tax has been deducted.
The statement will need to identify:
every specified benefit provided to that employee during that tax year; and the cash equivalent of the specified benefit provided during that tax year treated as a payment of PAYE income.
Full details of all amendments made since the publication of the draft regulations in the summer can be found at The Income Tax (Pay As You Earn)(AmendmentsNo.4) Regulations 2015 .
Government to gather evidence on salary sacrifice 27 November 2015
The Spending Review and Autumn Statement 2015 includes a small paragraph saying that the Government remains concerned about the growth of salary sacrifice arrangements and is considering what action, if any, is necessary.
It goes on to say that the Government will “…gather further evidence, including from employers, on salary sacrifice arrangements to inform its approach.”
We knew from the Summer Budget 2015 that salary sacrifice was on the agenda as it included a small paragraph, mentioning that salary sacrifice arrangements are becoming increasingly popular and the cost to the taxpayer is rising so the Government “will actively monitor the growth of these schemes and their effect on tax receipts.”
It is safe to assume that a consultation is most definitely in the pipeline so watch out for this next year as we will certainly require your input.
Trivial benefit exemption will come into force from 6 April 2016 10 December 2015
CIPP Policy News Journal
25/04/2016, Page 148 of 453
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