TaxPersonal TaxCHECKLIST – Holocaust payout tax-free.

CHECKLIST - Holocaust payout tax-free.

Revenue announces use of mixer companies to be restricted; New Tax

Inland Revenue[QQ] The government has confirmed its intention to restrict the use of mixer companies for tax purposes, and announced an extension of the transition period proposed in the Budget to 31 March 2001 (Press release, 3 May). Compensation paid by banks on dormant accounts opened by Holocaust victims and frozen during World War II are to be entirely exempt from tax (Press release, 8 May). The Inland Revenue has issued a special edition of Tax Bulletin highlighting issues from the Working Together initiative. The Revenue’s home page is www.inlandrevenue.gov.uk English ICA Tax Faculty The Faculty has published agreed notes of a meeting on procedural matters with the Revenue (TAXGUIDE 1/00). Copies are available by calling 01908 225122, faxing 01908 226594 or e-mailing VWood@icaew.co.uk. As part of its Towards a Better Tax System campaign the ICA has published a pamphlet (TAXGUIDE 2/00) considering the Ten Tenets proposed in its discussion document issued in October 1999 (TAXGUIDE 4/00). The English ICA Tax Faculty is open to all chartered accountants. Anyone interested in joining the Faculty should call 020 7920 8646. Chartered Institute of Taxation Recent submissions from the institute include; a submission on taxing multinational companies in response to the Finance Bill 2000 provisions on DTR (4 May); and a submission on the Grabiner report ( 5 May). For details contact the CIoT on 0207 235 9381, or visit the institute’s website at: www.tax.org.uk.

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