Additional voluntary contributions meaning

In this issue: Probate Court of Protection UK taxes for Private Client HMRC Manuals updates Tax avoidance, evasion and non-compliance Insolvency—Private Client Digital assets and cryptoassets Charity and philanthropy Contentious trusts and estates Pensions, insurance and tax efficient investments International Question of the week Additional Private Client updates this week Daily and weekly news alerts LexTalk®Private Client: a Lexis®PSL community New and updated content Dates for your diary Trackers Latest Q&As Useful information Probate HMCTS probate enquiry line—temporary reduced hours From 14 February 2024, and for 12 weeks, the HMCTS probate helpline will run on reduced hours: 9am to 1pm, Monday to Friday. The HMCTS Probate Service remains available via web‑chat from 9am to 5pm, Monday to Friday. Source: HMCTS Probate LinkedIn post. MoJ urges those entitled to claim dormant funds held by CFO to act now The Ministry of Justice...

In this issue: Companies and corporation tax Capital gains tax General Election 2024—parliamentary process, wash-up and manifesto pledges Taxes management and litigation Employment taxes International LexTalk®Tax: a Lexis®Nexis community Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Companies and corporation tax Court of Appeal applies Ramsay principle to overturn Upper Tribunal decision in ‘magic’ capital allowances tax scheme (HMRC v Altrad Services Ltd and Robert Wiseman and Sons Ltd) As noted below, in HMRC v Altrad Services Ltd and Robert Wiseman and Sons Ltd [2024] EWCA Civ 720, the Court of Appeal concluded that, interpreting the legislation purposively, a scheme designed to produce additional capital allowances failed, as the taxpayers had not ‘ceased to own assets’ for the purposes of section 61(1)(a) of the Capital Allowances Act 2001 (CAA 2001). See News Analysis: Court of Appeal applies Ramsay principle to overturn Upper Tribunal...

PD and MJ Ltd (In Members' Voluntary Liquidation) v HMRC [2024] UKFTT 38 (TC) HMRC issued assessments on Mr Thompson’s PSC totalling £294,306.68 for income tax and National Insurance contributions (NICs) across four tax years, 2013–14 to 2017–18, asserting that the intermediaries legislation applied to his work on Soccer Saturday. At the time, the question of employment status was determined by the worker’s own PSC under ITEPA 2003, Pt 2, Ch 8, rather than by the hirer; under today’s framework, that decision would ordinarily rest with the hirer (ITEPA 2003, Pt 2, Ch 10, ss 61K-61X), save for small private sector organisations. Consequently, any additional sums arising from a change in employment status fell on the PSC. By comparison, under the current regime, primary liability would have sat with the hirer, subject to any offset that might be available under the new rules in Finance Bill 2024, Clause 17. The FTT applied the familiar three stage methodology described in HMRC v Atholl House Productions...

ARCHIVED: This archived Practice Note summarises the Fee-Paid Judicial Pension Scheme (FPJPS), introduced by the Judicial Pensions (Fee-Paid Judges) Regulations 2017, SI 2017/522, arising from O’Brien v Ministry of Justice. It covers the statutory framework, governance, eligibility, contributions and benefit design. This note is not maintained... Statutory framework The Judicial Pension Scheme includes several arrangements: Judicial Pension Scheme 1981 (JPS 1981). Salaried judges appointed before 31 March 1995 will usually be members of this unfunded final salary scheme, created under JPA 1981. Judicial Pension Scheme 1993 (JPS 1993 or JUPRA). Salaried judges appointed between 31 March 1995 and 31 March 2015 will generally be members of this unfunded final salary scheme, established under JPRA 1993. Note that: There is an entitlement to elect to move from JPS 1981 to JUPRA at any point up to six months after retirement. For more information, see Eligibility, below. The Ministry of Justice began an options exercise in October 2023 to...

THIS PRACTICE NOTE APPLIES TO DEFINED BENEFIT OCCUPATIONAL PENSION SCHEMES Where a defined benefit occupational pension scheme is underfunded and proceeds to wind up, trustees are required to secure members’ entitlements by allocating the scheme’s assets to its liabilities in line with the statutory priority order in section 73 of the Pensions Act 1995. That statutory order takes precedence over any priority provisions in the scheme’s own rules. Since its introduction on 6 April 1997, the priority framework has been revised several times and depends on the date winding up commenced. The version currently in force, as set out in section 73 of the Pensions Act 1995, applies to schemes whose winding up started on or after 6 April 2005. Schemes that began winding up before 6 April 2005 must refer to earlier legislative versions to ensure the correct order is followed. A different statutory priority order applies to schemes that started winding up: between 10 May 2004 and 5 April 2005 inclusive between 6...

R&D expenditure credit (pre-1 April 2024) This Practice Note outlines the R&D expenditure credit (RDEC) regime that applies to accounting periods starting before 1 April 2024, subject to transitional provisions. For details of the primary research and development relief available to small or medium-sized enterprises (SMEs) for periods beginning before 1 April 2024, see Practice Notes: SME R&D relief—additional deduction (pre-1 April 2024) and SME R&D relief—tax credit (pre-1 April 2024). Collectively, in this Practice Note, these two arrangements effective before 1 April 2024 are called the pre-1 April 2024 schemes. For guidance on the reliefs that generally apply to accounting periods commencing on or after 1 April 2024, see Practice Notes: The merged R&D expenditure credit (post-1 April 2024) and Enhanced relief for loss-making R&D-intensive SMEs (post-1 April 2024). What is the pre-1 April 2024 R&D expenditure credit? Refer to the Practice Notes mentioned for the relevant guidance...

Court Reference No: [ INSERT COURT REF. NUMBER ] [ IN THE HIGH COURT OF JUSTICE BUSINESS AND PROPERTY COURTS [OF ENGLAND AND WALES] [IN [ INSERT LOCATION ]] [INSOLVENCY AND COMPANIES LIST (ChD)] OR [IN THE COUNTY COURT AT [ INSERT LOCATION ] ] [BUSINESS AND PROPERTY COURTS LIST] OR [IN THE HIGH COURT OF JUSTICE [CHANCERY DIVISION ] ] IN THE MATTER OF [ INSERT COMPANY NAME ]IN THE MATTER OF THE INSOLVENCY ACT 1986 Proposal for a Company Voluntary Arrangement This document, advanced by the Company’s directors, is drawn up pursuant to [ Part I Insolvency Act 1986 and in accordance with the provisions of Parts 1 and 2 of The Insolvency (England and Wales) Rules 2016 ]. To: [ insert addressee eg the Nominees ]Dated [ insert date ] 1 Interpretation 1.1 [ Insert definitions ]. 1.2 Any reference to a paragraph is a reference to a paragraph within this proposal. 1.3 Headings appear solely...