ARTICLE · 28 OCTOBER 2011

Weekly Tax Update - Monday 24 October 2011

Smith & Williamson

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Following the publication of inflation figures for September, HM Treasury has announced that subscription limits for Individual Savings Accounts (ISAs) from April 2012 will increase to £11,280 (up to half of which can be saved in cash).

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Richard Mannion

1. Private Clients

1.1. HM Treasury confirms ISA limits for 2012-13

Following the publication of inflation figures for September, HM Treasury has announced that subscription limits for Individual Savings Accounts (ISAs) from April 2012 will increase to £11,280 (up to half of which can be saved in cash).

The Junior ISA annual subscription limit of £3,600 (available from 1 November) and the Child Trust Fund annual savings limit (with an increased of limit of £3,600 from 1 November) will be index linked from April 2013.

www.hm-treasury.gov.uk/press_115_11.htm

1.2. Davies and another and Gaines-Cooper

The Supreme Court has decided for HMRC in dismissing the appeals from three taxpayers including Robert Gaines–Cooper that reliance could be placed on specific parts of the guidance on residence in the booklet IR20 alone for determining their residence status for tax.

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