tax

Shadow chancellor Oliver Letwin MP has published a consultation paper on savings taxation which suggests re-establishing the dividend tax credit for pension funds along with tax credits for offering financial advice could restore confidence in savings....

An estimated £412m will be paid in fines for late payment or underpayment of tax demanded through self-assessment by the deadline of 31 January, calculates IFA Promotion.

THE FINANCIAL OMBUDSMAN SERVICE (FOS) says it will not be able to cope with the expected increase in mortgage endowment complaints in 2005, unless steps are taken to force providers to settle cases themselves, the Telegraph says.

The financial services industry has won a short-term reprieve against the implementation of a tax on with-profits assets.

With-profits policyholders could see reductions in payouts for years ahead because of government moves to implement a new 30% tax rate on surplus assets of with-profits funds, Norwich Union says.

HM Treasury has issued a discussion paper in association with today's Pre-Budget looking at the issue of taxation of small business, especially where there is overlap between the corporate and personal tax regimes.

The Government has mapped out steps it plans to take on chapter five of the Pre-Budget Report, to ensure ‘a fairer Society."

A written response in Hansard, the official record of Parliament, confirms the Inland Revenue has backed off applying pre-owned asset tax (POAT) to equity release schemes, including home reversion, not used for IHT avoidance.

UK life insurers have been warned by the FSA to make sure they have adequate capital reserves and put in place all the legal checks they need to meet promises in the future, says this morning's Daily Telegraph .

Reform of the income tax charge on pre-owned assets has left individuals and their advisers in limbo when it comes to resolving the tax status of financial affairs.