Category Archives: Budget – March 2012

In mid October, Switzerland moved one step closer to abolishing the favourable tax regime it offers to wealthy foreigners. A petition was filed with the federal tax authorities which appears to have 100,000 signatures, the number required to force a national referendum which could see the regime withdrawn in all parts of Switzerland within the … Continue reading Move to Switzerland? – you’re not so welcome! The UK’s door remains open.

HMRC now accepts that the grant of a long lease subject to existing leases is capable of being a transfer of a going concern (TOGC) for VAT purposes, provided that the lessor’s retained interest is small enough not to disturb the substance of the transaction, being the transfer of the lessor’s property letting business to … Continue reading Grant of lease can be a TOGC – HMRC reverses its position

Last March HMRC launched a consultation on the income tax treatment of interest, including proposals to restrict withholding tax exemptions for quoted Eurobonds and interest on short term loans. We reported on these proposals in an Update dated 29 March 2012. HMRC has now published a Summary of Responses plus its proposals for legislative change … Continue reading Tax Update – Income tax on interest: changes announced

Submitted in the Council of Ministers held September 28th, 2012 Individuals Introduction of a new tax bracket at 45% The personal income tax progressive scale will include a new tax bracket at 45% for income above a threshold of 150,000 Euros per share of the family quotient. The new tax rate should be applicable to … Continue reading French tax budget update

Our more detailed reports on the 2012 Budget can be found by clicking on the links below and on the right-hand side of the Blog: General Business Taxation Creative and Innovative Industries Property Taxes Employee Incentives Pre-Budget Gambling Duty Post-Budget Gambling Duty To discuss how these changes affect you or your business, please contact a … Continue reading Olswang Budget Blog 2012 – Detailed Analysis

Following the recent news coverage concerning senior civil servants being paid gross (i.e. without the deduction of PAYE or NICs) through personal service companies, it is perhaps unsurprising that the Government has today announced that it is bringing forward a package of measures to tighten up on tax avoidance through the use of personal service … Continue reading IR35 / Personal Service Companies

Following consultation throughout the summer of 2011, and the publication of draft legislation in December 2011, legislation will be introduced in the Finance Bill 2012 (which will take effect from 6 April 2012) to make certain changes to the taxation of UK-resident non-UK domiciled individuals who elect to be taxed on the remittance basis. In … Continue reading Non-domiciled individuals

In the last Budget the Government announced its intention to introduce a statutory residence test for individuals with effect from April 2012. However, in December 2011, following a public consultation over the summer of 2011, the Government announced that the statutory residence test would instead be enacted in Finance Bill 2013 and take effect in … Continue reading Statutory residence test

Interestingly, the Government will restrict an individual’s ability to claim income tax reliefs on an annual basis with effect from 6 April 2013.  A new cap of the greater of £50,000 and 25% of income will apply to any individual seeking to claim more than £50,000 in tax reliefs.   Importantly, we understand that the new cap will … Continue reading Personal tax reliefs restricted

We are pleased to see the Government confirm their intention to introduce a new tax relief for seed investment in start up companies.   Obtaining seed capital has been challenging for digital media and technology companies.  To recap the new relief provides 50% income tax relief on investments up to £100,000 per annum per individual.    There is also a maximum amount … Continue reading SEIS – attracting investment in start up companies ?