From 6 April 2013 sleeping and inactive limited partners will be required to pay Class 2 NICs and Class 4 NICs after reviewing its interpretation of the law, unless a sleeping or inactive limited partner is either under 16, over pension age, is granted the small earnings exception, is a married woman or widow with reduced liability, or claims deferment on account of other employments.
News
Some Overseas News
TAX AGREEMENTS ‒ Jersey and Guernsey agree automatic reporting to UK
Banks in Jersey and Guernsey will soon begin automatically reporting client information to the UK tax authorities, probably starting next year. As with the earlier Isle of Man agreement, UK residents are now being invited to disclose previously undeclared offshore accounts to HM Revenue and Customs with reduced penalties, though without guaranteed immunity from prosecution.
