Business and Other Briefings
FSA: The Financial Services Authority (FSA) has confirmed it will further simplify how investment advisers can ensure they provide consumers with clear & simple information about costs and services. In response to supportive feedback, the FSA will build on conduct of business regime (COBS) by introducing the new Services and Costs Disclosure Document on 6 August 2008.
It will combine in one document key information about a firm’s services and costs, and provide firms with greater flexibility to explain the cost of their services in their own words. The FSA will be putting transitional arrangements in place to enable firms to continue using the Menu and IDD until 31 August 2009. This will allow firms to exhaust their existing stock of documents and give them time to consider the disclosure option that best suits their business model.
Press release ~ Policy Statement PS08/7: ‘Simplifying Disclosure: Information about services and costs – Feedback on CP08/3 and final Handbook text’ ~ Consultation Paper CP08/3: 'Simplifying Disclosure: Information about services and costs', was published on 19 February 2008
HMRC: Employers should have received details last week from HM Revenue & Customs (HMRC) of what they can do to get ready for the tax code changes which will be required for many individuals following the Chancellor's announcement in May.
The Chancellor announced that the basic Personal Allowance is increasing by £600 from £5,435 to £6,035 and the basic rate limit is reducing from £36,000 to £34,800. The new tax codes and rate bands must be used from the first payday on or after 7 September.
HM Treasury: The Chancellor of the Exchequer has launched a consultation (closes on 15 September 2008) on the 'special resolution regime' which is designed to reduce the impact of a failing bank. It builds on previous consultation documents published in January and earlier this month outlining the Authorities' proposals for financial stability and depositor protection – See ‘Consultations’ section for more information.
HMRC: Revenue & Customs Brief 35/08
This Brief draws attention to the fact that some businesses may have overpaid or overstated VAT on fund management services.
This Brief draws attention to the fact that some businesses may have overpaid or overstated VAT on fund management services.
HMRC: Revenue & Customs Brief 34/08
This Revenue & Customs brief article sets out HM Revenue & Customs (HMRC) policy on retrospective claims by Higher Education Institutions (HEIs) that operated a Partial Exemption (PE) method agreed under the Committee of Vice Chancellors & Principals (CVCP) guidelines.
This Revenue & Customs brief article sets out HM Revenue & Customs (HMRC) policy on retrospective claims by Higher Education Institutions (HEIs) that operated a Partial Exemption (PE) method agreed under the Committee of Vice Chancellors & Principals (CVCP) guidelines.
