Category Archives: Autumn Statement 2012

It’s fair to say that the UK tax base has come in for something of a battering recently. Recent media spotlight has focused on the low rates of UK tax paid by multinationals on UK sales and on tax avoidance through offshore structures. The UK has a number of tax regimes which seek to deter … Continue reading Investing abroad – some rare good news

HMRC already has one of the best organised and most efficient transfer pricing capabilities of any revenue authority in the world and is often asked to advise other revenue authorities on how they should approach transfer pricing.  The additional investment in HMRC resources announced in the Autumn Statement today signals that HMRC is about to get even stronger.  … Continue reading Buckle Up! Expect more Transfer Pricing enquiries and adjustments as HMRC gets set for additional resources with which to tackle Transfer Pricing

The Autumn Statement 2012 contained a number of announcements of interest to individuals and small and medium-sized enterprises, but there was comparatively little of relevance to large companies and banks.    The main eye-catching announcement to affect corporates is the further 1% cut to the headline rate of corporation tax – the rate will reduce from 24% for the current year, to 23% from 1 April … Continue reading Corporation tax rate cut again, but pressure on corporate tax avoidance will only increase

Despite the fact that the overwhelming response to its initial consultation on this issue was either negative or mixed, the Government today confirmed its commitment to implementing the employee owner status (which it has now decided to call the “employer shareholder” status). Under these provisions, employees will relinquish certain statutory employment rights in return for … Continue reading Employee owner status – a step in the right direction, but still flawed

A welcome announcement this afternoon is that the Government will not be proceeding with its proposals to impose PAYE and NICs on all payments by organisations which engage office holders and other “controlling persons” through intermediaries. The proposals followed the discovery that the Chief Executive of the Student Loans Company and a significant number of … Continue reading Personal service companies – a change of tack

As widely predicted, the Chancellor has announced reductions to the limits for tax-relieved pension contributions. With effect from 2014/15, the annual limit will be reduced from £50,000 to £40,000 and the lifetime limit from £1.5million to £1.25 million.   Those looking for compensatory income tax relief may soon be able to use their annual ISA … Continue reading Pensions, AIM and ISAs – a day of mixed fortunes for individual investors

Taxing the rich has been a popular sport recently, both abroad and in the UK. There was every chance that the Chancellor would use today’s Autumn Statement to make another raid on the deep pocketed. Instead, he has (for now) directed most of his attention at tax cheats. Along with the headline-grabbing (but relatively minor) … Continue reading Tax the rich or plug the leaks? Osborne chooses the latter.

It’s December already. Is there anything you need to do before the year ends in a few weeks time: buy Christmas presents (check), book New Year’s eve party (check), move millions out of Swiss bank account before they get snaffled (oops). A “tax cooperation agreement” between the UK and Switzerland comes into effect on 1 … Continue reading Undisclosed Swiss bank accounts make for not such a happy new year!

The Government is withdrawing income tax relief for payments of patent royalties by individuals to combat perceived abuse of these rules.  The relief will be withdrawn for such patent royalty payments made from today onwards. This is in stark contrast to the introduction, from April 2013, of a new “Patent Box” regime for companies.  The Patent Box regime will enable companies … Continue reading Patents: time to incorporate?

The Chancellor announced that all newly built commercial property completed between 1 October 2013 and 30 September 2016 will be exempt from empty property rates for the first 18 months (up to the state aids limit).  Currently, there is only a 3 month exemption available on empty property rates, and so at first glance, this … Continue reading Empty Property Rates – relief for new commercial buildings announced