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Personal Savings Allowance

Factsheet,
Contact:
simon rex,
Last updated:
20 February 2019

The introduction of the new personal savings allowance means that from 6 April 2016 most people no longer pay tax on their savings income. The allowance is £1,000 for basic rate taxpayers and £500 for higher rate taxpayers. (There is no allowance for additional rate taxpayers...

Industry response to HMRC draft CTF to JISA draft guidance

Industry response,
Contact:
andrea jeffries,
Last updated:
20 February 2015

We welcome the flexibility that the ability to transfer from CTFs to JISAs brings. To align with standard practice, an industry working group has produced CTF to JISA transfer guidelines and model forms which are also included in this response. Click below to read ...

Our comments on Finance Bill 2015 – direct recovery of debts draft clauses

Industry response,
Contact:
andrea jeffries,
Last updated:
05 February 2015

Overview HMRC is currently able to take funds from a taxpayer’s bank account, but only with the permission of the courts.  HMRC proposed originally to remove such funds without the added costs of seeking court permission. Along with other stakeholders, we rejected s...

Our letter to the US Internal Revenue on FATCA

Industry response,
Contact:
andrea jeffries,
Last updated:
19 August 2011

We lend our support to the BBA's most recent arguments that FATCA is unworkable in its present iteration. We also point out how inappropriate it is for the mutual sector. Like the BBA, we believe a better way forward is to find a long-term global solution. Our letter to J...

Our response to EC consultation on additional taxes for the financial sector

Industry response,
Contact:
andrea jeffries,
Last updated:
18 April 2011

The European Commission launched a consultation on a proposed EU taxation measure, which includes a financial transactions and/ or activities tax. We argue against such a tax explaining it could hit the mutual sector - already reeling from having to bail out failed banks - di...

Our response to HMRC consultation on implementation of UK/ US FATCA agreement

Industry response,
Contact:
andrea jeffries,
Last updated:
09 January 2013

We should like to take this opportunity to thank HMRC for its help in ensuring that the administrative burden for domestic mutual deposit takers is kept as low as possible. We welcome the way in which officials have been willing to engage with the sector, listen to our con...

Our response to the HMRC consultation on the deduction of income tax from savings income

Industry response,
Contact:
andrea jeffries,
Last updated:
18 September 2015

Executive summary We strongly believe that all non-TDSI interest – to individuals and to non-individuals - should be paid gross, without deduction of income tax at source.  It is the most straightforward and least costly solution for savers and financial institutions. ...

Our response to US Treasury and IRS on FATCA regulations

Industry response,
Contact:
andrea jeffries,
Last updated:
01 May 2012

Summary We continue to argue that BSA members such as building societies are very low risk – they are akin to savings and loans institutions - and should therefore be excluded from FATCA provisions. They have a very low number of possible US taxpayers, estimated at 3,0...

Restricting tax relief for banks’ compensation expenditure

Industry response,
Contact:
andrea jeffries,
Last updated:
29 May 2015

Introduction We welcome the opportunity to comment on the HMT consultation on restricting bank relief for banks’ compensation expenditure.   Much of the sector’s argument has already been provided by Nationwide, our largest member and one of the UK’s top three mortgage...

The proposal for an EU-wide TIN

Industry response,
Contact:
andrea jeffries,
Last updated:
26 June 2014

The European Commission is considering the introduction of an EU-wide tax identification number and has commissioned a feasibility study. The aim of the study is to examine and address problems relating to the matching of information provided to tax authorities by taxpayer...

Written evidence to the PCBS panel on tax, audit and accounting

Industry response,
Contact:
andrea jeffries,
Last updated:
21 December 2012

We are pleased to respond to the panel on tax, audit and accounting set up by the Parliamentary Commission on Banking Standards. While we acknowledge many of the questions are focused solely on shareholder driven, plc banks, we also argue that the consequences of any r...

Our response to HMRC's BBSI improvement proposals

Industry response,
Contact:
andrea jeffries,
Last updated:
30 January 2018

We understand HMRC’s wish to introduce a modern tax system based on digital technology.  Building societies need to know that the benefits to HMRC outweigh the considerable costs to themselves, and ultimately to their members.  For any change to be successfully introduced to ...