Under plans announced in the Queen’s Speech, HMRC is to get the power to force people using tax avoidance schemes to make “accelerated payments”, in a move that could affect 65,000 taxpayers and raise £2bn for the Treasury. As part of the plans, people accused of using avoidance schemes will be made to pay their tax up front while HMRC and the courts decide whether or not the arrangements are legal. Meanwhile, a tax break for married couples was confirmed in the speech. From the financial year 2015-16, married couples and those in civil partnerships will be able to transfer £1,050 of their income tax personal allowance between the two partners. Additionally, the Conservative party is said to be considering raising the threshold at which NI is paid, possibly to as high as £10,000. Source: Financial Times 05.06.14
Posted on: Wed, 11 Jun 2014 07:24:14 +0000
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