TaxPersonal TaxChecklist – Simplifying NIC rules.

Checklist - Simplifying NIC rules.

Inland Revenue[QQ] The Revenue has issued a discussion document on simplifying the rules for employers administering national insurance contributions (NIC).

The suggestions include a common basis of pay for income tax and national insurance, a simpler system for calculating NICs on payments to UK employees seconded abroad and a simpler procedure for dealing with arrears of NIC. Copies of the discussion paper ‘Simplifying national insurance contributions for employers’ is available on the Revenue’s website. Comments are sought by 30 August. (Revenue press release, 7 June).

The Revenue has reported that over nine million ISA accounts were opened last year, attracting over #28bn, approximately one third more than the amount put into PEPs and TESSAs in 1998-99. (Revenue press release date 7 June).

The Treasury has tabled amendments to the tonnage tax provisions included in the Finance Bill currently before parliament. Tonnage tax is an alternative method of calculating shipping profits for the purposes of corporation tax.

The amendments include a clarification of how the tonnage tax rules apply to corporate members of shipping partnerships and a relaxation of the restriction on the availability of capital allowances to lessors who provide ships to tonnage tax companies on finance leases. (Revenue press release date 7 June).

HM Customs and Excise

Customs has enlisted David Ginola and Gary Lineker to help support its drive to prevent drug smuggling by football fans in the forthcoming Euro 2000 championships. (Customs press release, 6 June).

Chartered Institute of Taxation

The institute has made submissions on: double taxation relief and mixer companies in response to Revenue paper ‘DTR: Outcome of the Review on 1 June 2000’; on internet filing of self-assessment returns on 30 May 2000; and on DTR in response to the Finance Bill 2000 on 30 May 2000.

The Chartered Institute of Taxation is the leading professional body in the United Kingdom concerned solely with taxation.

For more details call the technical department on 020 7235 9381 or visit the institute’s website. www.inlandrevenue.gov.uk www.hmce.gov.uk www.tax.org.uk.

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