All sleeping and limited partners and agents will pay NICs from 6 April

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.

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.