Category Archives: Budget – March 2014

The Chancellor has added to the range of tax reliefs available for investors by announcing that Social Investment Tax Relief will be introduced in the Finance Bill 2014.   Social Investment Tax Relief is expected to closely mirror EIS by providing income tax relief of 30% on qualifying investments in social enterprises, deferral of CGT on … Continue reading Introducing Social Investment Tax Relief

Notwithstanding consultation criticisms it was confirmed today that the Government will press ahead with plans to reduce tax avoidance benefits. It is proposed that Finance Act 2014 will provide HMRC with powers to require a taxpayer to pay tax upfront where: • the taxpayer has entered into arrangements to obtain a tax advantage (whether or … Continue reading More on tax avoidance

New flexibility for pensions George Osborne today announced significant changes on how people will be able to access their defined contributions pension savings in the future. Several minor changes, taking effect later this month, will be made to relax the rules regarding the amounts which individuals can withdraw from pension funds, either tax-free or at … Continue reading More flexible pensions

The Government is in the process of a major re-think of fundamental aspects of the tax treatment of corporate debt and derivatives and a Technical Note is expected to be published shortly setting out proposed changes. Most of the significant changes have been postponed to 2015, but one welcome measure announced today is the extension of the … Continue reading Corporate debt and derivatives: losses allowed on de-grouping

Extension of taxation on UK residential property held by non-natural persons As one of a number of measures aimed at tackling tax avoidance, the Government is extending the package of taxes on “enveloped dwellings”, lowering the threshold so that the relevant taxes apply to residential properties worth over £500,000 (rather than only to those worth … Continue reading More changes afoot for taxation of residential properties…

FOBTs The increase in the rate of Machine Games Duty from 20% to 25% for machines with the highest value stakes and winnings seems to have taken the market by surprise.  Both William Hill’s and Ladbrokes’ share prices plummeted following the announcement.  What is certainly surprising is that, despite the recent media coverage, there was … Continue reading Budget 2014 : Gambling

Positive growth forecasts and falling unemployment set a positive tone for this year’s Budget speech, although the Chancellor was frank in his admission that the deficit is still too large. He targeted measures to increase saving, investment, building and exports.  We are reviewing the Budget documents which have now been released and will be blogging … Continue reading Export more. Save more. Invest more. Build more.

We are thrilled that the Chancellor has announced a new theatre production tax relief and delighted to have worked alongside The Society of London Theatre and UK Theatre Association and key theatre industry figures to effectively lobby for this exciting and important tax relief. It is fantastic to see the Chancellor’s continued support for the … Continue reading A theatrical budget day !

Despite the gathering pace of the UK economic recovery, the Chancellor has warned that there is a “long way to go” and that 2014 will be “a year of hard truths”.  With the 2015 general election looming, the Budget is likely to be more political than normal.  The Chancellor has said that he will focus … Continue reading Getting ready for the Budget 2014