Category Archives: Budget – July 2015

In addition to the changes to the capital gains tax treatment of private equity carried interest announced today, HMRC has published a Consultation Document which appears to be targeted mainly at hedge fund managers. It aims to ensure that individuals who manage funds where the underlying activities are more closely aligned  to trading than investing  pay full … Continue reading Hedge fund managers’ performance incentives: consultation launched

The Chancellor has predictably announced further restrictions on the non-dom rules in today’s 2015 Summer Budget.   The key measures are: non-dom status will only be available for IHT and income tax and capital gains tax for the first 15 years of residence in the UK; some UK-born individuals who move abroad will be prevented from … Continue reading Non-doms: more restrictions

Continuing the trend of making changes to the taxation of residential property in recent Budgets the Chancellor today announced three residential property tax changes: • Limiting the deduction of finance cost in respect of residential property by individual landlords • Introducing an additional inheritance tax nil-rate band for residential property • Extending inheritance tax for non-doms … Continue reading Residential property tax rollercoaster

Gains arising on or after today via carried interest are subject to new computational rules. Essentially, an affected individual will be taxed by reference to the full amount received less any sums actually invested by that individual. Whilst a capital gains treatment is preserved, it is intended that gains will be calculated in line with … Continue reading Carried interest – raising the effective rate of capital gains tax

A number of points made by George Osborne in his Budget speech earlier today will impact on the Banking sector, and therefore on any businesses seeking to raise loan finance. Bank levy and corporation tax Prior to the Budget, it had been trailed that the bank levy was likely to remain for the foreseeable future. … Continue reading Bashing the banks? Summer Budget measures that will affect banks and finance clients

The Chancellor today abolished the corporation tax deduction on the amortisation of goodwill that has been acquired as part of a business purchase. This change will have a material impact on the economics of business acquisitions, where the tax deduction on acquired goodwill has been a major driver in businesses being acquired by way of an … Continue reading A lack of goodwill

The government today followed up its previous round of pensions reforms by developing the framework within which savers can draw their pension benefits flexibly as well as making further changes to the pensions tax rules. The government has estimated that higher-rate tax relief on pension contributions in 2013-14 cost the Treasury in the region of … Continue reading Summer Budget 2015 – pensions changes

Some of the measures announced this afternoon in the 2015 Summer Budget are as follows: Corporation tax corporation tax to be reduced to 19% in 2017 and 18% in 2020; corporation tax instalment payment dates brought forward for businesses with profits of £20m; annual investment allowance to settle at a permanent level of  £200,000 from … Continue reading Overview of main measures

The first all-Tory Budget of this most political of Chancellors  will have to balance his stated commitment to cut government spending by £30bn over the next two years with his self-denying ordinance prohibiting increases in NICS, VAT or income tax in this Parliament. He will want to get the economic pain over with as soon … Continue reading July Budget: what we’re expecting