Tax Blog

Reform of the Gift Aid Small Donation Scheme

19 July 2016

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 of £21m of Government support through the scheme.

Proposed changes to the use of corporation tax losses – consultation deadline 18th August

18 July 2016

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.

Proposals extending the scope of Disclosure of Tax Avoidance Schemes regime for IHT

14 July 2016

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.

Tax Changes Result in Record Number of Solvent Liquidations

13 July 2016

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 .

IHT: Main residence nil-rate band – Overview

4 July 2016

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).

A Summary of the Changes to the Benefits and Expenses Regime from April 2016

27 April 2016

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.

Life policies – Partial surrenders and Assignments – HMRC Consultation

26 April 2016

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.

Budget 2016

16 March 2016

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.

Cash Extraction – All Change – 22/02/2016

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.