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Further changes coming into effect on 31 December 2010 are:
•Fast payout rules, with a target of a seven day payout for the majority of claimants and the remainder within the required 20 days.
The main allowances being considered within this document are
Reliefs under review:
Potentially retain
Capital gains tax relief on disposal of private residence
Income tax relief for players in the UEFA Champions League Final 2011
Income tax relief for repair and maintenance of work equipment
Potentially simplify
VAT: supplies to charities/ sales by charities
Gift aid
Lease premium relief
Capital allowances – enhanced capital allowances for energy and water efficient
technologies
Research and development tax relief
Potentially abolish
Exemption from benefit charge for late night taxis
Vaccine research relief
Millennium gift aid
Income tax exemption for National Savings Bank Ordinary Account interest
Luncheon vouchers – daily income tax relief for first 15p
However the list keeps growing and there is a pledge to review lots of other allowances and deferrals such as:
If you have an employer that pays into an investment based pension you need to take a couple of easy steps.
Treasury sets MIR for flexible drawdown at £20,000 News Money Marketing
Today’s news has the potential to reduce income taken from pensions in “draw down” to 100% of annuity rates. Prompting the question… why bother then? the answer (well, one simple/quick one) – Draw Down offers flexibility of income which can be helpful for income tax planning, though ever case must be considered on its own merits and within a context of what a client wants. The new rules will apply from April 2011.
The December Monthly Market Report is now available for downloading in our news section, this reflects data to the end of November and includes each year from 2001. I find this a helpful tool in reminding clients about the hard numbers of market movements with many markets falling over 50% in 2008. Yet it is all about timing – if you observe any of the previous versions we have made available you will note very different numbers. The one pattern that emerges is that nothing lasts, but some things linger.