June - Private Client Briefing From Tax Journal 2018
Taxation of income: OTS report on savings and investment income
The Office of Tax Simplification published a report exploring the potential areas for simplification of personal taxation of savings and investment income. The report summarises the current tax regime and makes several recommendations for further review, including:
Streamlining income tax rates and allowances: The report acknowledges that the regime's current features (including the starting rate for savings, the personal savings allowance, the dividend allowance and other allowances) are complex, and that even HMRC's software doesn't always get it right. Some of the recommendations include exempting savings interest completely and amalgamating the starting rate and personal savings allowance. Introducing a personal tax roadmap: Essentially the government's agenda for personal tax, this is part of the wider review of the direction of income taxation. Simplifying ISAs, including a review of restrictions on transfers, types of investments and withdrawals: The proposals also include allowing third parties to access taxpayers' financial accounts under the Open Banking Project (the government's project to facilitate price comparison of financial products). Reviewing guidance on pension withdrawals: This is particularly in relation to lump sum payments. Reviewing the rules on partial redemption of life insurance bonds: This is to be undertaken as part of a wider review of this area and the changes introduced in F(No. 2)A 2017. Why it matters
According to the report, whilst 95% of people pay no tax on their savings income (including savings income, interest, dividends, pension income and income from bonds and funds), the current regime is overly complicated and can lead to mistakes in tax returns, which HMRC software is also prone to. The simplification of the current regime would be welcome news and many will hope that the report's recommendations are implemented.
Harris: personal representative's liability to IHT
In Harris as personal representative of H N McDonald (deceased) v HMRC [2018] UKFTT 204, the FTT struck out an appeal by the personal representative of an intestate estate against a determination for the payment of inheritance tax. The lay personal representative distributed the estate to the deceased's brother, who then left the UK for Barbados and has not been heard from since. The distribution was made on the understanding that the brother would pay the outstanding...
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