ARTICLE · 21 APRIL 2011

Tax Update – 18th April 2011

Smith & Williamson

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The Finance Act (FA) 2008 introduced new provisions to the Income Tax (Earnings and Pensions) Act 2003 (ITEPA): sections 100A and 100B.

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Richard Mannion

1. Private Clients

1.1 Class 1A NICs refunds where offshore property owned by a company

HMRC has issued the following press release:

Background

The Finance Act (FA) 2008 introduced new provisions to the Income Tax (Earnings and Pensions) Act 2003 (ITEPA): sections 100A and 100B. These provisions effectively provide an exemption from the living accommodation tax charge where living accommodation outside the UK is provided by a company for a director or other officer of the company (D) or a member of D's family or household where all of the following apply:

the company is wholly owned by D or D and other individuals (and no interest in the company is partnership property),

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