UK
United Kingdom: Emergency Budget June 2010
On 22 June 2010, the Chancellor of the Exchequer presented the UK Emergency Budget 2010, following the election in May that resulted in a change of government, with the UK now led by a Conservative-Liberal Democrat coalition. In this Alert we have set out the main points of the Budget speech of interest to... »
UK: EU Guidance on EU Social Security
The European Union’s new EC social security regulation 883/2004 and its Implementing Regulation 987/2009 became effective 1 May 2010. Going forward, consideration should be given as to which regulations apply when making A1 applications (under the new regulations) or E101 applications (under the existing regulations, namely 1408/71). »
UK: New Bank Payroll Tax Guidance
Her Majesty’s Revenue & Customs in the United Kingdom has published more guidance on the Bank Payroll Tax (BPT). Although much of the new guidance merely repeats the legislation already passed, the guidance does provide more details about making a BPT Return and payment. In particular, banking groups that wish to make composite payments... »
UK and Penalties for Late Payment of PAYE
HM Revenue & Customs (HMRC) has released new guidance regarding penalties which will apply where U.K. tax and National Insurance contributions (NIC) withheld under the U.K. system of Pay As You Earn (PAYE) are paid over late to HMRC. These new penalties apply in respect of withholding due for the U.K. tax year 2010-11.... »
UK: 2010 Budget Speech Delivered
The 2010 UK Budget speech was delivered on 24 March 2010. This newsletter covers the various proposals and measures in the Budget concerning individuals, including income tax rate/threshold and allowances adjustments; matters concerning the bank payroll tax; anti-avoidance; and others. »
UK: Publication on Year-End Tax Considerations
The UK tax year ends at midnight on Monday 5 April 2010. It is therefore important to seriously consider the various tax allowances and tax-efficient savings vehicles available to individual taxpayers before higher levels of tax impact the highest earners and wealthy individuals from 6 April 2010. »
U.K. and Follow up on Statement of Practice 01/09
Her Majesty’s Revenue & Customs (HMRC) in the U.K. has announced that legislation will not be introduced until the 2011 Finance Act concerning (this legislation would have replaced Statement of Practice 01/09 regarding resident but not ordinarily resident taxpayers). SoP 01/09 will now apply for the U.K. tax year ending 5 April 2011,... »
U.K. Court Cases and Tax Residence
Two judgements have recently been issued by the U.K. courts regarding U.K. tax residence which will have implications for certain international assignees inbound to and outbound from the United Kingdom. The first, the Gaines-Cooper case1, concerns the circumstances in which an individual ceases to be U.K. tax resident, while the second, the Tuczka case2,... »
U.K. and Residence Guidance (HMRC6)
On 23 February 2009, Her Majesty’s Revenue and Customs (HMRC), the U.K. tax authority, issued an update to HMRC6 “Residence, Domicile and the Remittance Basis.” The legislative changes that were made to the remittance basis rules in Finance Act 2009 have now been incorporated into “Section 5: ‘The remittance basis’”. »
UK: HMRC Advises Employees to Check Code Numbers
This year’s issue of tax code numbers has had a number of problems and employees are urged by HMRC to check their PAYE code numbers carefully so that they do not experience excessive withholding. »