Sep. 29 2023
Source Page: Claim a tax refund if you've stopped work and flexibly accessed all of your pension (P50Z)Found: You can check how to make a claim under a double taxation agreement.
Sep. 20 2023
Source Page: Claim back tax on a flexibly accessed pension overpayment (P55)Found: You can check how to make a claim under a double taxation agreement.
Mentions:
1: Ranil Jayawardena (Con - North East Hampshire) Will she meet me to consider ways in which we can make our taxation system more family friendly, to encourage - Speech Link
2: Greg Smith (Con - Buckingham) Food inflation will only get worse if our self-sufficiency in food production drops. - Speech Link
3: Richard Fuller (Con - North East Bedfordshire) Does he share with me the humour that Opposition Back Benchers have proposals for new taxation that the - Speech Link
4: Nigel Huddleston (Con - Mid Worcestershire) Non-domiciled individuals play an important role in funding our public services through their taxation - Speech Link
5: Marco Longhi (Con - Dudley North) With 800,000 fewer self-employed in the economy post covid and post IR35, does the Chancellor agree that - Speech Link
Asked by: Andy Carter (Conservative - Warrington South)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps he is taking to ensure consistency of collection of tax on the interest of savings that are not due until maturity of the savings bond.
Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)
The taxation of interest arising on savings bonds depends on the terms and conditions applying to each and may differ as not all savings bonds are the same.
Income tax is charged on the full amount of interest ‘arising’ to a person in a tax year and interest normally ‘arises’ when the amount is received or is credited to an account on which the holder is free to draw.
The terms of a savings bond may be that interest is credited each year and, once credited, the bondholder is able to draw on it. In this case, the interest arises each year and is taxed each year as it is credited.
On the other hand, it is possible that interest may be credited each year, but the terms of the bond may mean the bondholder cannot draw on it or benefit from it until the end of the term. In that case all the interest paid on the bond would be regarded as ‘arising’ when it became available to the bondholder on maturity of the bond.
This long-standing position is explained in HMRC’s guidance at SAIM2440, and there have been no recent changes.
In either case, to the extent that the interest arising in any year is not covered by personal allowances, such as the Personal Savings Allowance, the tax will be collected in the same way, usually through a taxpayer’s PAYE code or a self-assessment tax return.
Mentions:
1: Nigel Huddleston (Con - Mid Worcestershire) and would also mean consideration having to be given to issues such as withholding taxes, completing self-assessment - Speech Link
Jan. 25 2024
Source Page: Proposed changes to council tax calculations: FOI releaseFound: Whilst difficult to estimate in absolute terms, the HMRC data shows that self-assessment income tax
Jun. 30 2011
Source Page: Table showing National School of Government Programmes for UK Government Officials for the period 1 June 2010 to 31 May 2011. 22 p.Found: FCO45.00.00.0Econometrics for Policy Support7.00.00.0Economics for Policy Making16.01.04.0Economics of Taxation
Mentions:
1: Nigel Huddleston (Con - Mid Worcestershire) autumn reductions, mean 27 million employees will get an average tax cut of £900 a year and 2 million self-employed - Speech Link
2: Nigel Huddleston (Con - Mid Worcestershire) However, the general level of taxation, as the right hon. - Speech Link
3: James Murray (LAB - Ealing North) That applies not just to personal taxation, but to tax rates and reliefs relating to businesses. - Speech Link
4: Richard Fuller (Con - North East Bedfordshire) Many who will be looking to fill in their self-assessment forms will be surprised that they cannot download - Speech Link
Jun. 29 2009
Source Page: A code of practice on taxation for banks: consultation document. Incl. appendices.24 p.Found: A code of practice on taxation for banks: consultation document. Incl. appendices.24 p.
Written Evidence Dec. 14 2023
Committee: Public Accounts CommitteeFound: This unhelpfully coincided with the 31 July due date for the second self assessment payment on account