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Sundry announcements affecting individuals

The Coalition Government has reaffirmed its planned review of the taxation of non domiciled individuals but without giving any indication of its current thinking.

  • A measure has been announced with regard to settlor interested trusts to ensure that if the Settlor receives a repayment of tax originally paid by the trustees that he will be required to pay it over to the trustees. This is based on the concept that the same income should not be taxed twice and the Settlor should not be either out of pocket or better off. It is unlikely to affect many Settlors, as most settlor interested trusts are not discretionary in nature. This measure was previously announced at Budget 2010 and the Coalition Government has accepted it in full.
  • The ISA limits are to increase in line with the Retail Price Index from 6 April 2011.
  • HMRC is to receive power to enable them to make regulations to amend when and how individuals and non corporate bodies deduct and pay over to HMRC income tax deducted from certain payments of interest, patent royalties or other annual payments.
  • Additionally, a number of minor measures dropped from the first Budget 2010 due to the election will be reintroduced.

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