Peter Vaines acknowledges some universal truths
It is a truth universally acknowledged that a single man in possession of a good fortune must be in want of…a tax exemption. Unfortunately there is also a universally acknowledged truth that if you have a fortune you are not welcome in the UK—unless it seems if you are a foreign footballer and are playing in the Champions League Final next year. The Finance Act 2010 provides an exemption for income tax in respect of employment income, self-employed income and endorsement income of non-resident players and officials relating to this match. It will be a laugh (and a complete waste of time) if two English teams are in the final next year.
Exemption matters
The recent decision in Colquhoun v HMRC TC 348 contains an interesting discussion of the availability of the £30,000 exemption in the Income Tax (Earnings and Pensions) Act 2003, s 403.
Mr Colquhoun was made redundant on 31 August 2005 and he received redundancy and other payments totalling £62,000. This amount would normally have been taxable subject to a deduction for the £30,000 exemption.
However,
