Category Archives: Budget – March 2013

Following last week’s blog here, there is good and bad news on the vexed issue of corresponding adjustments for individuals. The bad news is that the harsh new restrictions have been introduced with immediate effect from 25th October. The good news is that the Government has listened to some of the arguments made during the … Continue reading Corresponding adjustments revisited – some Government concessions

From a tax perspective, these are uncertain times for individuals investing through loans and those who are members of investment partnerships or trading LLPs.  In addition to the anti-avoidance provisions for partnerships outlined in our blog here, a Discussion Note rushed out by the Government during the Liberal Democrat conference is likely to result in … Continue reading Government to counteract compensating adjustments for individuals

In this update, Partner Julien Monsenego and Senior Associate Rui Cabrita of Olswang’s Paris office look at the main tax measures in the French Government’s 2014 budget bill. To view the update, click here.

Following yesterday’s enactment of the Finance Act 2013, a number of significant changes have been made to the operation of tax-advantaged share plans; including EMI, CSOP, Sharesave (SAYE) and Share Incentive Plans (SIPs). There are a number of actions that companies should now consider taking. 1.     Update plan rules and documentation Many changes will apply … Continue reading Changes to Approved Share Plans

One of the more ominous announcements in the Budget was the launching of a consultation on tax avoidance through use of LLPs and partnerships.  Partnerships and LLPs are well established structures for investment funds and business services, popular due to their flexibility and tax transparency.   However, the Government is concerned that this flexibility has … Continue reading Partnerships and LLP anti-avoidance – HMRC’s latest target

The Court of Appeal has handed down its keenly anticipated judgment in a landmark case on the recoverability of VAT on deal fees relating to corporate takeovers.  The background BAA plc (“BAA”) was acquired by a newly incorporated company (“Bidco”) backed by a consortium of investors. Professional fees were incurred by Bidco in relation to … Continue reading VAT recovery on corporate deal fees: an update and further guidance following a recent Court of Appeal decision

Have pensions savers been hit hard again? Pensions tax relief has been the target of attack in previous budgets – the annual allowance (the amount you can save into a pension annually without paying tax) has been dramatically cut back form £255,000 to £40,000 in the past couple of years.  Also the lifetime pension allowance … Continue reading Pensions in the Budget 2013

Whilst no big surprise, it is disappointing to hear the confirmation that the intended games tax relief will not receive EU state aid approval by 1 April.  It was always expected that more questions may be raised by the European Commission given the differences between how games and films are made.  We understand that the EU has sought certain … Continue reading Games Tax Relief – delayed

HMRC have signalled their intention to introduce in FB13 two new TAARs to counter loss-buying, as well as to tighten up the existing rules on capital allowances-buying and loss relief. These changes are to take effect from today (20 March 2013).  As with all anti-avoidance rules, taxpayers will be concerned to establish whether their legitimate … Continue reading New loss relief rules take effect from today

A few interesting tax changes announced today across the funds spectrum: UK authorised funds The 0.5% stamp duty reserve charge on dealings in units in UK unit trusts and OEICs will be abolished from 1st April 2014,  a very welcome change. The Government will consult on a proposal to remove the requirement to withhold tax … Continue reading Investment funds – changes in the Budget