THE INLAND Revenue's new powers to tax workers retrospectively without needing to go through the courts could leave thousands of taxpayers facing bills they did not know about, says the Daily Telegraph.
The change would be the first such move since the 13th century (Magna Carta) and would enable the Revenue to deciding whether someone has paid the "proper" amount of tax, but is essentially designed to try and stop City workers being paid bonuses in a way which avoids tax and NI contributions.
It could mean legal tax schemes which are then deemed illegal by the Revenue would generate a retrospective tax bill which could even affect employees taking childcare vouchers from their employer.
THIS IS NOT likely to be helped by the fact around one in 10 self assessment forms are unlikely to be filed by the end of today, adds the Times.
Almost one million taxpayers are expected to miss today’s deadline for filing their self-assessment returns, a figure which has remained unchanged for the last five years despite the huge Revenue advertising campaign and the threat of fines and surcharges if individuals meet the deadline.
A FORMER investment banker is launching a one-man campaign to get policyholder representation on Standard Life’s board ahead of the planned flotation next year, says this morning’s Scotsman newspaper.
Michael Hogan, who has been a Standard Life policyholder since 1987, said his campaign was not against demutualisation as such but is concerned such huge reforms will not see policyholders properly represented.
Hogan told the Scotsman: “I saw Sandy Crombie [Standard Life’s chief executive] a couple of weeks ago and I told him this was not a fight. I just think it is a big stretch to put this in place so that all members can benefit without the participation of stakeholders.
He cites Equitable Life as one example where directors were drawn from the member ranks, along with Prudential’s with-profits oversight committee.
SHADOW CHANCELLOR Oliver Letwin is backing plans for pacifist taxpayers to be allowed to withdraw from contributing to the Government's defence spending, according to this morning’s Daily Telegraph.
He was identified yesterday as a supporter of Conscience: The Peace Tax Campaign, which wants the law to be changed to allow conscientious objectors to have their money spent on "peace building initiatives" instead of the military.
A spokesman for the shadow chancellor argues Letwin’s support for Conscience: The Peace tax Campaign is a personal belief rather than party policy, but is an idea he would consider if the Tory Party gets into power and he is appointed chancellor.
Conscience does not apparently believe pacifists should pay less tax but should allow them to stipulate money they would normally contribute to the Ministry of Defence should go towards a fund that would pay for non-military peace and security initiatives, to the tune of an average £500 per person per year.
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69% of general population
Fidelity International global economist's outlook
Seven years since fund collapse
Tracks firm performance