BLOOMSBURY PROFESSIONAL INCOME TAX 2021/22

Preface
Table of examples
Table of statutes
Table of statutory instruments and other guidance
Table of cases
List of abbreviations
Chapter 1 The UK tax system
	Signposts
	Introduction
	Income or capital
	Reliefs, allowances and deductions
	How income tax is calculated
Chapter 2 Income tax compliance
	Signposts
	Income tax self-assessment
	Tax returns
	Tax payments
	Interest and penalties
	HMRC enquiries
	Tax tribunal
	HMRC review
	Alternative dispute resolution service
	HMRC’s litigation and settlement strategy
	Publishing details of deliberate tax defaulters
	PAYE compliance
	Disclosure of tax avoidance schemes
	EU DAC6/OECD MDR
	Serial Tax Avoidance Regime
	Offshore tax evaders
Chapter 3 Scottish income tax
	Signposts
	Background to Scottish income tax
	Scottish income tax
	The need for awareness of Scottish income tax
	Setting the Scottish rates and thresholds
	Interaction of UK and SIT rates and thresholds
	Definition of a Scottish taxpayer
	Income subject to Scottish income tax
	Transferable tax allowance for couples
	Partnership income
	Non-UK income
	Gifts to charities
	Finance cost relief for residential landlords
	General reliefs from income tax
	Pension scheme contributions
	Income from trusts
	Social security lump sums
	Impact on capital gains tax
	Payroll issues for employers
	Construction industry scheme
	Administration of Scottish income tax
	Behavioural repercussions of increasing divergence
Chapter 4 Welsh income tax
	Devolution in Wales: a process not an event
	Devolution and evolution
	The mechanics of the Welsh rates of income tax
	Administration of Welsh income tax
	Further changes and further devolution?
Chapter 5 Savings and investments
	Signposts
	Taxable and exempt income
	Tax on investments
	Foreign savings and investments
	Life assurance gains
	Tax-efficient investments
Chapter 6 Pensions and benefits
	Signposts
	UK pensions
	Taxation of pensions
	Foreign pensions
	Non-taxable state benefits
	Taxable state benefits
	Class 3 national insurance contributions
Chapter 7 Employment
	Signposts
	Employment
	PAYE
	Taxable and tax-free benefits
	Share schemes
	Personal services provided through intermediaries
Chapter 8 Self-employment
	Signposts
	Starting a business
	Covid-19: Self-employment Income Support Scheme (SEISS)
	Basis of assessment
	Computing profits
	Capital allowances
	Losses
	National insurance contributions for the self-employed
	Sole trader or partnership?
	Farming and market gardening
	Subcontractors
Chapter 9 Property income
	Signposts
	Property business profits and losses
	Rent-a-room relief
	Furnished holiday lettings
	Rent from property outside the UK
	Non-resident Landlords Scheme
	Annual tax on enveloped dwellings
Chapter 10 Trusts and estates
	Signposts
	Trusts and settlements
	Types of trust
	Resident and non-resident settlements
	Administration of trusts
	Taxation of estates
	Pre-owned assets
Chapter 11 Non-residents
	Signposts
	Residence status
	Personal reliefs for non-residents
	Employment matters
	PAYE matters
	Trading
	Domicile
	Remittances
	Double taxation relief
Index