home telephone subscriptions vouchers/credit cards other expenses (apart from relocation expenses)
Our review has shown that a large proportion of the taxable expenses of these types reported on P11d forms are subsequently the subject of claims for relief by employees. Consequently the P11d reported taxable expenses shown previously in our tables are poor indicators of the level of expenses which genuinely give rise to a tax liability. However establishing reliable estimates for the post-relief values is not practical because of data limitations. We have therefore decided to remove the categories listed above from our tables and only report those categories of benefits and expenses for which reliable true taxable values can be determined. Further information on the background and impact of this change and the other changes being made will be provided in the release documents which will be published alongside the new tables.
BENEFITS IN KIND STATISTICS PUBLISHED
31 July 2012
Some members may be interested in the recently published national statistic tables for benefits in kind.
National statistics: Taxable benefits in kind and expenses payments
BENEFICIAL LOAN ARRANGEMENTS INTEREST RATE
28 January 2013
HMRC have updated the table for official rates for Beneficial Loan arrangements.
The table confirms that the rate for the 2013/2014 tax year remains unchanged at 4%.
LIST 3 UPDATED
15 March 2013
HMRC has updated the list professional bodies and learned societies, approved by HM Revenue & Customs (HMRC) for the purposes of Section 344 ITEPA 2003.
The list is updated periodically and includes all bodies approved by the Commissioners for HMRC up to 28 February 2013. 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)
You may recall the CIPP requested HMRC update this list to reflect the Institute's change of name due to its Chartered status; this has now been added.
CIPP Policy News Journal
12/04/2013, Page 91 of 362
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