HMRC

One in 20 teenagers does not believe money borrowed on a credit card needs to be repaid, according to a study conducted by the Personal Finance Education Group, reports the Financial Times .

HM Revenue & Customs is expected to issue details shortly of a partial "amnesty" scheme for offshore investors who have evaded paying tax on their interest, although its appeal could be limited.

I was looking at some HM Revenue and Customs figures recently and they quite surprised me. They were forecasting that the annual receipts for capital gains tax for 2006-2007 would be over £4bn. This compared to £3.5bn for inheritance tax.

Let's face it - advising someone on whether they should transfer their deferred benefits out of a final salary scheme is one of the trickiest things for pensions advisers.

Hopes that HM Treasury may soften the charges around Alternatively Secured Pensions (ASP) have been boosted by evidence included in a Treasury Select Committee report.

HMRC has confirmed medical reports requested by insurers for protection applications will remain exempt from VAT, saving insurers and consumers approximately £100m a year.

HM Revenue & Customs has announced both income tax and National Insurance contributions will apply to inducements offered to employees to encourage them to transfer out of a defined benefit occupational pension scheme.

Advisers should be aware consolidating occupational schemes into another personal pension contract could lead to a loss of tax-free cash for their clients, says Standard Life.

HM Revenue & Customs has admitted some of the schemes listed on its site as recognised cross-border pension schemes may still not allow transfers from the UK.

Changes to EU money laundering rules are likely to mean advisers will have to check the identity of trust beneficiaries before the trust can be set up, it is understood.