TaxCorporate TaxHMRC dismisses save-as-you-earn concerns

HMRC dismisses save-as-you-earn concerns

Claims that 80,000 employees will be worse off under new capital gains tax rules are 'nonsense', says HMRC

HM Revenues and Customs has dismissed as ‘scaremongering nonsense’ claims
that 80,000 employees will be caught by the new capital gains tax net, according
to
The
Telegraph
.

Under new rules, employees taking part in save-as-you-earn schemes will be
liable for capital gains tax of 18% if their profit is more than £9,200.
Previously, higher rate taxpayers were liable for 10%, and basic-rate taxpayers
just 5%.

An estimated 270,000 employees take part in SAYE schemes, and employee share
ownership lobbying group ifs ProShare has estimated 80,000 of these will be
worse off under the new rules which start in April.

But HMRC told The Telegraph that the vast majority of SAYE savers
will benefit from a provision that allows them to stagger disposal over more
than one tax year and that they can also transfer the shares into an Isa.

Related Articles

Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

Corporate Tax Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

1w Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

1w Emma Rawson, ATT Technical Officer
EU divided over radical tax reforms targeting tech giants

Corporate Tax EU divided over radical tax reforms targeting tech giants

2w Alia Shoaib, Reporter
‘Google tax’ nets HMRC £281m

Corporate Tax ‘Google tax’ nets HMRC £281m

1m Emma Smith, Managing Editor
Should I incorporate my buy-to-let business?

Corporate Tax Should I incorporate my buy-to-let business?

2m Emma Rawson
‘Improve rather than lose’ disincorporation relief, tax body urges

Administration ‘Improve rather than lose’ disincorporation relief, tax body urges

3w Austin Clark, Reporter
How to educate your clients about tax avoidance

Corporate Tax How to educate your clients about tax avoidance

3w Clear Books | Sponsored
CGT clampdown nets HMRC £124m – but could lead to increase in use of avoidance schemes

Corporate Tax CGT clampdown nets HMRC £124m – but could lead to increase in use of avoidance schemes

3w Austin Clark, Reporter