Tax Avoidance
Tax avoidance The Government plans to introduce a General Anti-Abuse Rule (GAAR) targeted at artificial and abusive tax avoidance schemes, believing this will improve the UK’s ability to tackle tax avoidance while maintaining the attractiveness of the UK as a location for genuine business investment. The detail of this proposal will be consulted on with the aim of legislating in Finance Bill 2013.
Previously announced measures
Employer asset-backed pension contributions
On 29 November 2011, the Government announced that legislation would be introduced in Finance Bill 2012 to change the tax rules in relation to employer asset-backed pension contributions, with effect from the date of the announcement. These changes were designed to ensure that unintended, excess tax relief could not arise in respect of such contributions. On 22 February 2012, the Government published further legislation, with immediate effect, with the aim of limiting the circumstances in which up-front relief can be given to asset- backed arrangements in line with the original policy aim.
Qualifying Recognised Overseas Pensions Schemes (QROPS)
Changes in primary legislation will be introduced in Finance Bill 2013 to strengthen reporting requirements and powers of exclusion relating to the QROPS regime. They will support the changes in secondary legislation published for consultation on 6 December 2011. The Government also announced that where the country or territory in which a QROPS is established makes legislation or otherwise creates or uses a pension scheme to provide tax advantages that are not intended or available under the QROPS rules, the Government will act so that the relevant types of pension scheme in those countries or territories will be excluded from being QROPS.
Budget 2013
20 March 2013
Dare we say it, the Budget turned out to be quite exciting; well in the CIPP policy world anyway. After the stop, start in the school playground, finally the Deputy Head Teacher (the Deputy Speaker) brought the children (MPs) to order. Mr Osborne congratulated the Coalition on their successes much to the bemusement of the Opposition. Osborne started the budget with the statement “that this budget is aimed at people who work hard and want to get on”. Clearly after working hard those who like a tipple, well beer anyway, will find their pennies will stretch just that little bit further.
For those of us worried by the previously announced September fuel duty increase the Chancellor confirmed that not only would it not be introduced but cancelled altogether.
For those fortunate enough to be in the payroll industry there were some surprising and long awaited wins such as the massive increase in the beneficial loans rate, and confirmation that the admin burdens are not set reduce for us anytime soon!
CIPP Policy News Journal
12/04/2013, Page 148 of 362
Made with FlippingBook - Online magazine maker