Chancellor
Alistair Darling announced in his Pre-Budget
speech a change to the way in which the
inheritance tax (IHT) nil rate band of £300,000
can be used for married couples and civil
partners.
The Pre-Budget speech also included
the shock announcement that taper relief
for capital gains tax (CGT) will be
abolished from 6 April 2008. This announcement
took everyone by surprise and it is
still unclear in some circumstances
how these rules will be applied. There
is also much speculation that the proposed
changes may not be implemented or may
be deferred.
The
government had previously announced
their intention to extend Statutory
Maternity Pay (SMP), Maternity Allowance
and Statutory Adoption Pay from the
current 39 weeks entitlement to 52
weeks.
HMRC have issued a warning to employers
about their programme of targeted enforcement
of national minimum wage (NMW) procedures.
The programme, which is now in its third
year, was introduced to work with employers
and workers to address issues and concerns
around the NMW.
We
have previously reported the case of
Mr and Mrs Jones who finally won their
case in the House of Lords in July this
year. You may remember that the profits
of Arctic Systems (their company) were
paid equally to them by means of dividends.
HMRC had tried to have the income assessed
solely on Mr Jones rather than between
them but failed in their attempt.
