Other announcements for your finances
Claims Equalisation Reserves (CERs) and general insurance companies
This measure, first announced in the Budget 2011, relates to corporate and partnership members of Lloyd's and general insurance companies who maintain equivalent reserves. This measure will introduce a rule to tax built up CERs in equal amounts over a six year period commencing from the date of the Solvency 11 Directive solvency requirements come into force. Alternatively, in any year during the transitional period, an election may be made to tax the remaining balance of the built-up reserve that has not yet been subject to tax.
Resettlement payments made to MPs
Unusual as it is for HMRC to include announcements regarding MPs, from 1 April 2012 the MP's Expenses Scheme administered by the Independent Parliamentary Standards Authority will include a provision for a resettlement payment to any MP who involuntarily leaves office on or after that date. The measure introduces an income tax exemption for such payments, subject to a £30,000 limit.