for Save as You Earn (SAYE) the amount that employees can save and apply towards the purchase of share for 2014/15 will be increased from £250 to £500 per month the overall annual Individual Savings Account (ISA) subscription limit for 2014/15 will be £11,880, of which £5,940 can be invested in cash the annual subscription limit for Junior ISA and Child Trust Fund (CTF) for 2014/15 will increase from £3,720 to £3,840.
Fuel Duty Main Rate Freeze
The increase due in September 2014 has been cancelled and there will be no further increase in the current Parliament.
Joint digital registration for Charities with Charity Commission
HMRC will develop a new IT system to allow organisations wanting to register with the Charity Commission for England & Wales (CCEW) and seeking charity tax status with HMRC to submit their applications through a single online portal. The new system is planned to be introduced in 2015/16 and will later be extended to enable charities in Scotland and Northern Ireland to register with their charity regulators at the same time as they apply to HMRC.
Inheritance Tax Online
HMRC will be investing in a new online service to support the administration of Inheritance Tax. This will do away with the need to complete paper versions of forms and enable people to proceed with their application for probate and submit Inheritance Tax accounts online. It will also improve the customer experience as well as HMRC’s ability to perform compliance activities. It is anticipated that the new online service will become available in 2016.
Corporate gift aid for Community Amateur Sports Clubs (CASCs)
Legislation in Finance Bill 2014 will extend corporate Gift Aid on gifts of money to include qualifying donations of gifts by companies to Community Amateur Sports Clubs (CASCs).
Better Regulation
BOOST FOR BUSINESS AS RED TAPE CUT FROM 6 APRIL
8 April 2013
Many items of red tape for businesses have been cut from 6 April 2013. The reforms respond directly to issues raised by businesses, including through the Red Tape Challenge, which invites firms to give their views on which regulations should be improved or scrapped. Simplifying the way firms use their assets to raise finance will save businesses over £21 million. Changes include moving registration and payment online and introducing a UK-wide registration system for the first time. Deregulatory changes to building regulations are part of a wider package that will save business in total over £50 million per year, whilst ensuring buildings remain safe and sustainable. Reforms coming into force today include reducing administration on low-risk
CIPP Policy News Journal
16/04/2014, Page 36 of 519
Made with FlippingBook - Online magazine maker