Steve Maggs Tax Blog

The world of tax is fast moving, ever changing and constantly evolving. By writing my regular Tax Blog I hope to bring important tax changes and advice to your attention and help you keep abreast of developments in this ‘taxing’ world! If you’d like any further information on any of my posts please call me on 01872 276116 or email me at stephen.maggs@rrlcornwall.co.uk

What are the implications of a reduction in the UK corporation tax rate? 21/07/2016

Posted on: July 21st, 2016 by alison No Comments

Prior to the dramatic cabinet reshuffle following Theresa May’s appointment as the Country’s new Prime Minister, George Osborne had indicated his intention to slash corporation tax rates to less than 15% to show the world that the UK is ‘open for business’ and to attract businesses to the UK. The chancellor had previously set a […]

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Reform of the Gift Aid Small Donation Scheme – 19/07/2016

Posted on: July 19th, 2016 by alison No Comments

The Gift Aid Small Donation Scheme (GASDS) was introduced on 6 April 2013 with the primary objective of providing a gift-aid credit to charities for small donations where it is not practical to obtain a gift-aid declaration  The GASDS has become a valued additional revenue stream for charities. In 2014-15 19,300 charities claimed a total […]

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Proposed changes to the use of corporation tax losses – consultation deadline 18th August- 18/07/2016

Posted on: July 18th, 2016 by alison No Comments

Currently when a company makes a loss from a particular activity, relief is available for that loss in calculating the taxable profit of that company, and in some cases its group members, for that accounting period with the rules governing relief for a company’s losses depending on the nature of activities.

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Proposals extending the scope of Disclosure of Tax Avoidance Schemes regime for IHT – 14/07/2016

Posted on: July 14th, 2016 by alison No Comments

On the 13th July the HMRC consultation on proposals to extend the scope of Disclosure of Tax Avoidance Schemes (DOTAS) closed and we await the Government’s proposed changes. I’m expecting, after reviewing the consultation, that some types of inheritance tax planning will come under attack by HMRC due to the proposals to change the application of the DOTAS regime to inheritance tax.

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TAX CHANGES RESULT IN RECORDS NUMBERS OF SOLVENT LIQUIDATIONS – 13/07/2016

Posted on: July 13th, 2016 by alison No Comments

By proactively providing tax advice on solvent liquidations for both our own clients and clients of the smaller accounting firms we saved these clients over £1 million in aggregate tax savings .

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IHT: Main residence nil-rate band – Overview

Posted on: July 4th, 2016 by alison No Comments

The main residence nil-rate band represents an additional nil-rate band for an estate that includes an interest in a residential property which was used by the deceased as their residence at some point, and this is left to direct descendants (to include child, step-child, adopted child or foster child).

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A summary of the changes to the benefits and expenses regime from April 2016 – 27/04/2016

Posted on: April 27th, 2016 by Amy Charge No Comments

Following a review of the legislation governing benefits in kind and employee expenses by the Office of Tax Simplification, there have been four major changes introduced from 6 April 2016.

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Life policies – Partial surrenders and Assignments – HMRC Consultation 26/04/2016

Posted on: April 26th, 2016 by Amy Charge No Comments

HM Revenue & Customs (HMRC) published a consultation on Wednesday (20 April 2016) proposing changes to the taxation of part surrenders and part assignments of life insurance policies.

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Budget 2016

Posted on: March 16th, 2016 by alison

It was a Budget with some significant surprise announcements and big changes that nobody had anticipated or envisaged. In my Budget 2016 Tax Blog I highlight the Corporation Tax and Capital Gains Tax changes as well as other measures including Stamp Duty Land Tax, Income Tax changes and much more.

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Cash Extraction – All Change – 22/02/2016

Posted on: February 22nd, 2016 by Amy Charge No Comments

The significant changes to the taxation of cash extraction from companies from 6 April 2016 could leave company shareholders with a large tax bill. The rate of income tax on dividend income across all of the income tax bands will increase by 7.5% so companies need to consider paying out dividends before this increase.

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