Category Archives: Budget – June 2010

As the dust settles on (yet) another Budget, the first for a new Goverment and a new Chancellor, what have we learned of what the future might hold? This was always going to be a Budget in which spending would be slashed and taxes raised and, with regard to the latter, the hike in VAT is certainly a painful one. However, such … Continue reading A ray of hope?

Qualifying expenditure on research and development benefits from enhanced tax relief, an additional 75% is available for “SMEs”. For accounting periods ending on or after 9 December 2009 the intellectual property ownership requirement is abolished. All good stuff. Except that this press release is simply a reissue from 9 December. The new note supersedes the … Continue reading R&D deja vu

Apart from the Chancellor’s tie there was little in the Budget that caught the eye. The climate change levy is set for review in Autumn, funding options for the Green Investment Bank are to be considered and there is talk of a new Green Deal for households relating to home efficiency improvements. A consultation on aviation … Continue reading All things green

Further to my initial blog below, now that I’ve read the detailed press releases there are two further points to mention on gambling issues. The Tote Under the heading “Asset Sales” there is included the following: “… over the next 12 months the Government will …. resolve the future of the Tote in a way … Continue reading The Emergency Budget and Gambling

In the March 2010 Budget, it was announced that the government would introduce legislation, in a Finance Bill to be introduced as soon as possible in the next Parliament, to implement EU changes abolishing the Lennartz rule on VAT input tax recovery on the purchase of an interest in real property, boats and aircraft. Budget … Continue reading Abolition of Lennartz accounting confirmed – further legislation to be introduced this year

Widely anticipated by the newspapers, the Chancellor has announced a targeted NICs holiday of up to £5,000 for each of the first ten employees hired by new employers outside London, the South East and Eastern regions.  Details of this three year incentive are yet to be revealed, but the scheme should be up and running by September. … Continue reading NICs – more questions than answers

The fears of many may have been realised in today’s emergency budget with the VAT hike and the axe falling on the public sector.  Pensions as we know it, though, live to fight another day with government plans to end compulsory annuitisation at 75 and the increase in state pension age to 66 pushed back and made subject to further … Continue reading The emergency budget – pensions

The Government will proceed with the changes to the EIS and VCT rules to make them more EU friendly.   Companies will now be able to trade internationally provided they have a permanent establishment in the UK.   The confirmation of the relaxation of the requirement for VCTs to be listed on the Official List in the UK to being … Continue reading VCTs and EIS

The Chancellor announced today that it will consult with businesses in autumn 2010 to review the taxation of intellectual property, the support research & development (R&D) tax credits provide for innovation and the proposals of the Dyson review. HM Treasury have confirmed that the “Patent Box”, the  previously announced Labour tax initiative introducing a 10% corporation tax … Continue reading Taxation of innovation – patent box, R&D and more…

As Natasha says, the Chancellor has elected to “keep it simple” by raising the CGT rate for high earners from 18% to 28%, effective from midnight tonight.  Taking into account the proposed increases in National Insurance contributions (NICs) rates from April 2011, the effective rate of income tax and NICs payable on unapproved share plans (where … Continue reading Impact of CGT rate increases on employee share incentives