ARTICLE · 15 MARCH 2012

Weekly Tax Update - Monday 12 March 2012

Smith & Williamson

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Following FA11 schedule 23, draft regulations have been issued, coming into force on 1 April 2012, specifying the type of data that can be requested by HMRC for risk assessment purposes or in relation to certain tax checks.

United KingdomTax

Richard Mannion

1. General news

1.1. Relevant data regulations for data gathering powers

Following FA11 schedule 23, draft regulations have been issued, coming into force on 1 April 2012, specifying the type of data that can be requested by HMRC for risk assessment purposes or in relation to certain tax checks.

www.legislation.gov.uk/ukdsi/2012/9780111520444/pdfs/ukdsi_9780111520444_en.pdf

2. Private Clients

2.1. Review of pensioner taxation

The Office of Tax Simplification (OTS) is currently reviewing pensioner taxation, looking at the broad aspects of the tax system that affect pensioners, and identifying ways that this overly-complex part of the UK's tax system can be simplified. Its initial report has now been published and the final report will be published later in the year.

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