Weekly Tax Brief - 16 July 2015

In this edition of RSM’s round-up of the most important tax news, the last before Tax Brief takes a two-week holiday, we cover the latest announcements in this week’s Finance Bill…

New pensions reforms: tax raids are the enemy of sustainability

16 July 2015

The proposed move to an ISA-style tax treatment of pensions would have huge benefits, and could produce a tax windfall as high as £40bn a year. So what’s the potential downside of this move?

Debtor pressure increases as HMRC 'modernise' their powers and procedures

16 July 2015

The Chancellor has clarified the position at last on HMRC’s new powers to recover debts directly from the bank accounts of debtors. But at a cost of nearly a million pounds, are these new powers really necessary?

Dividend taxation - the devil's (not) in the detail

16 July 2015

One of the biggest surprises in the Budget was the reform of dividend taxation.

Pensions - time to top up?

16 July 2015

It seems the Government can’t resist tinkering with the pension rules. Of the various measures introduced in the new Finance Bill, the proposal to restrict tax relief on pension contributions is sure to have a few people thinking.

Taxing testimonials - is the taxman playing ball?

16 July 2015

Buried deep in the Budget notes the Chancellor announced his intention to issue a consultative document on the tax treatment of sums received from sporting testimonials. A Court decision in 1927 gave weight to the claim that the proceeds from such events are free of tax.

And finally... is there a threat of VAT increases by the back door?

16 July 2015

The Queen’s Speech stated that there would be legislation to “Ensure there are no rises in VAT rates…Ensure there will be no extension to the scope of VAT”.