Tax Blog

Profits from trading in and developing UK land by non-residents

4 August 2016

HMRC published a technical note in March explaining new anti-tax avoidance rules that focused on ensuring offshore property developers are subject to UK tax on their UK profits. The new rules were effective from 5th July 2016.

Pensions Lifetime Allowance 2016 Transitional Protections – Applications now only online

2 August 2016

On 6th April 2016 the Lifetime Allowance for pensions savings reduced from 1.25m to £1m.

In order to guard against the effects of this reduction two new transitional pension protections have been created – Fixed Protection 2016 and Individual Protection 2016.

What are the implications of a reduction in the UK corporation tax rate?

21 July 2016

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.

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.