the taxable portion of an uncrystallised funds pension lump sum a payment of lifetime annuity made under a flexible annuity contract to which the member became entitled after 6 April 2015, where the contract allows for the payments to decrease and to continue to be paid after the member’s death until the end of any guarantee period a payment from a member’s flexi access drawdown fund, and a payment of scheme pension paid from a money purchase arrangement where there are fewer than 12 members including this member
Comments on the draft regulations should be sent by email to pensions.policy@hmrc.gsi.gov.uk by 8 January 2016.
Taxation of income from sporting testimonials and benefit matches 16 December 2015
As announced at Autumn Statement, legislation will be introduced in Finance Bill 2016 to confirm that income from sporting testimonials and benefit matches for employed sportspersons, irrespective of whether they are arranged by the sportsperson’s club or by an independent testimonial committee, is chargeable to income tax under PAYE. This will apply where the testimonial is granted or awarded on 25 November 2015 or later, and only to ‘events’ that take place after 5 April 2017. An exemption will be available under the new legislation for the employed sportsperson of up to £50,000 of the income received, either from an individual match or a series of events in a testimonial year. The exemption is available provided that there is no contractual entitlement or customary right to the sporting testimonial or benefit match, and that it is being arranged by an independent testimonial committee. Separate legislation will also be introduced before 6 April 2017 for the National Insurance treatment of testimonial income for employed sportspersons which will follow the income tax treatment.
This follows the announcement at Summer Budget 2015 and public consultation over the summer. A summary of responses to the consultation was published on 9 December 2015.
The closing date for comments on the draft legislation is Wednesday 3 February 2016.
OTS survey on Small Company Taxation 16 December 2015
The Office of Tax Simplification (OTS) is gathering evidence of where the tax system causes complexity and uncertainty for small incorporated businesses to develop recommendations on how to simplify the system. Please take 15 minutes to provide your views. The Government has commissioned the Office of Tax Simplification to carry out a simplification review of small company taxation. The overall aim of the project is to develop recommendations for the Chancellor of the Exchequer and Financial Secretary to the Treasury on how to simplify the system, increase certainty and reduce administrative burdens caused by the tax system. The project will report to the Chancellor ahead of the 2016 Budget and will build on the OTS’s earlier work on simplifying the system for unincorporated businesses. The OTS is now gathering evidence of where the tax system causes complexity and uncertainty for small incorporated businesses. For this report they will concentrate on ‘micro’ businesses and regard any limited company (including charities) with fewer than 10 persons as micro. The OTS is interested in all taxes, including corporation tax, VAT, stamp duty, business rates, PAYE, income tax, national insurance, excise duties, capital gains tax and inheritance tax. To help inform this review, the OTS has prepared a survey , in addition to an extensive series of meetings with businesses, representative bodies, professional advisers and other stakeholders. The survey should take no longer than 15 minutes to complete, and the results will remain anonymous. The survey closes on 31 December 2015
The OTS also has regard to all small companies (50 or fewer employees). Small companies or those with more to say can write to the OTS directly at ots-smallcompanies@ots.gsi.gov.uk .
OTS Terms of Reference
CIPP Policy News Journal
25/04/2016, Page 296 of 453
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