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His Majesty's Revenue and Customs (commonly HM Revenue and Customs, or HMRC) [4] [5] is a non-ministerial department of the UK government responsible for the collection of taxes, the payment of some forms of state support, the administration of other regulatory regimes including the national minimum wage and the issuance of national insurance numbers.
April 2008 also saw the introduction of Entrepreneurs' Relief, which applied a lower 10% rate to some gains made by business owners, directors and employees on disposals of business assets and company shares. [7] The relief has always had a lifetime limit on qualifying gains by an individual, which was initially set at £1 million. [8]
In order for a pension scheme to be recognised as a QNUPS it must meet strict HMRC guidelines. This requires companies providing QNUPS to reveal certain information to HMRC. Individuals wishing to transfer pension assets to a QNUPS must have been resident in the UK for tax purposes when the payment was being made or treated as being made.
A pie chart showing the projected constituents of United Kingdom taxation receipts for the tax year 2008–2009, according to the 2008 budget. United Kingdom source income is generally subject to UK taxation whatever the citizenship and place of residence of an individual, or the place of registration of a company. This means that the UK income ...
In April and May 2012 HMRC introduced a new host of regulations that had the effect of shifting the jurisdictions in which QROPS could be established. Guernsey had previously been the premier jurisdiction for QROPS, but due to a conflict between local legislation and HMRC regulations, over 300 schemes were de-listed.
Employment Equality (Age) Regulations 2006 (Amendment) Regulations 2008 (S.I. 2008/573) Serious Organised Crime and Police Act 2005 and Serious Crime Act 2007 (Consequential and Supplementary Amendments to Secondary Legislation) Order 2008 ( S.I. 2008/574 )
Leisure Employment Services Ltd v HM Revenue & Customs [2007] EWCA Civ 92 is a UK labour law case on the interpretation of the National Minimum Wage Act 1998.It concerns the extent to which an employer may make deductions from a worker's basic wage entitlement for the purpose of accommodation costs.
This section extends to each part of the United Kingdom. [8]Section 6(2) provides that paragraph 6(3) of Schedule 1, and Schedule 2 so far as relating to the repeals mentioned in that paragraph, come into force on the day appointed by an order under section 30(2) of the Pensions Act 2007 for the coming into force of paragraph 45(2) of Schedule 4 to that Act.