Core Tax Annual: Income Tax 2015/16

Core Tax Annual: Income Tax 2015/16

by Sarah Laing

Paperback

$130.00

Product Details

ISBN-13: 9781780437699
Publisher: Bloomsbury Professional
Publication date: 11/05/2015
Series: Core Tax Annuals
Pages: 584
Product dimensions: 6.00(w) x 9.10(h) x 1.10(d)

Table of Contents

Preface v

Table of examples xi

Table of statutes xv

Table of statutory instruments and other guidance xxvii

Table of cases xxxi

List of abbreviations xxxvii

Chapter 1 The UK tax system 1

Signposts 1

Introduction 2

Income or capital 11

Reliefs, allowances and deductions 13

How income tax is calculated 36

Chapter 2 Income tax compliance 51

Signposts 51

Income tax self-assessment 52

Tax returns 55

Tax payments 64

Interest and penalties 68

HMRC enquiries 82

Tax tribunal 91

HMRC review 93

Alternative dispute resolution service 96

Publishing details of deliberate tax defaulters 96

PAYE compliance 97

Disclosure of tax avoidance schemes 104

Disclosure of NIC avoidance schemes 107

High-income child benefit charge 109

Chapter 3 Scottish rate of income tax 111

Signposts 111

Background 111

Preparing for the Scottish rate 113

Setting the Scottish rate 114

Definition of a Scottish taxpayer 115

Income subject to the Scottish main rates 125

Transferable tax allowance for couples 126

Partnership income 127

Non-UK income 127

Gifts to charities 127

General reliefs from income tax 129

Pension scheme contributions 129

Income from trusts 131

Impact on capital gains tax 134

Construction industry scheme 137

Administration of the Scottish rate 137

The Smith Commission proposals 139

Behavioural repurcussions of increasing devolution 141

Chapter 4 Savings and investments 142

Signposts 142

Taxable and exempt income 143

Tax on investments 149

Foreign savings and investments 164

Life assurance gains 166

Tax-efficient investments 167

Chapter 5 Pensions and benefits 189

Signposts 189

UK pensions 189

Taxation of pensions 195

Foreign pensions 208

Non-taxable state benefits 213

Taxable state benefits 214

Class 3 National Insurance contributions 223

Chapter 6 Employment 227

Signposts 227

Employment 228

PAYE 239

Taxable and tax-free benefits 259

Share schemes 300

Foreign aspects 308

Termination payments 319

IR35 322

Small family companies 331

Chapter 7 Self-employment 336

Signposts 336

Starting a business 337

Basis of assessment 345

Computing profits 348

UITF 40 348

Capital allowances 367

Losses 379

National Insurance contributions for the self-employed 386

Sole trader or partnership? 389

Farming and market gardening 400

Incorporation 406

Disincorporation 409

Subcontractors 411

Chapter 8 Property income 421

Signposts 421

Property business profits and losses 422

Rent-a-room relief 436

Furnished holiday lettings 440

Rent from property outside the UK 446

Non-resident Landlords Scheme 449

Annual tax on enveloped dwellings 458

Chapter 9 Trusts and estates 461

Signposts 461

Trusts and settlements 462

Types of trust 473

Resident and non-resident settlements 482

Administration of trusts 485

Taxation of estates 487

Pre-owned assets 496

Chapter 10 Non-residents 509

Signposts 509

Residence status 510

Employment matters 515

PAYE matters 521

Trading 531

Domicile 534

Remittances 543

Double taxation relief 550

Chapter 11 Income tax - UK and overseas tax planning considerations 557

UK tax planning considerations 557

Overseas tax planning considerations 562

Index 567

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