Carol Mead discusses offshore bank accounts, tax credits filing deadline, employee car ownership schemes, state pension reform, complex personal tax returns teams, retirement annuities and the national minimum wage
The Finance (No 2) Bill 2006 was published on 7 April 2006, following the Budget. It is still going through Parliament, with the Finance Act 2006 expected to be passed in July 2006.
The Finance Bill proposals regarding the changes to trusts have caused much concern and the key representative bodies are working together to try and secure amendment to the draft legislation. It is anticipated that the date for the Standing Committee debate of these controversial clauses will be 13 June 2006.
The main areas of concern are to ensure the protection of the current spousal exemption and to highlight concerns over changes to accumulation and maintenance (A&M) trusts, which will lower the age at which beneficiaries can become absolutel...