Category Archives: Budget – March 2015

As the deadline for filing annual returns for employee share plans approaches (6 July 2015), it’s worth remembering that this year is different. This is the first year in which companies need to both register their plans and file annual returns online via the Employment Related Securities section of the PAYE Online portal as HMRC’s … Continue reading Employee Share Plans and Annual Returns: This Year it’s Different

Why the Diverted Profits Tax is both a mistake and ripe for judicial review Last December the Government announced the introduction of a new tax, called the Diverted Profits Tax (“DPT”), “to counter the use of aggressive tax planning techniques used by multinational enterprises to divert profits from the UK.” Rushed through before the election, … Continue reading An Unnecessary Diversion

All bad news In the run up to the general election next Thursday, each of the main political parties has proposed changes to the taxation of UK resident non-domiciliaries (“non-doms”). The statements made in published manifestos and by party leaders during interviews are summarised below.  These provide the best available indication as to what changes are … Continue reading General election – bad news for non-doms

In connection with last week’s Budget, the Government has announced plans to introduce new penalties and offences for tax evasion targeting both evaders and their advisers. In relation to the evasive taxpayers, there is to be a new ‘strict liability’ criminal offence for tax evasion relating to offshore income.  A strict liability offence means that … Continue reading Tax evasion: massive increase in scope of penalties

In our earlier blogs here and here, we reported on draft Finance Bill legislation which would potentially have resulted in income tax on private equity managers’ coinvestments in the funds they manage.  Fortunately it transpired that this was a case of “cock-up before conspiracy” (probably due to lack of industry knowledge on the part of the draftsmen) and the revised clauses … Continue reading Disguised investment management fees: panic over?

George Osborne introduced a range of measures yesterday which overall signify bad news for the banks, but facilitate non-bank lending. Some of these were proposals announced in the Autumn Statement but confirmed yesterday. Bank losses: as previously announced, from 1 April 2015 there will be a restriction on the carry forward of losses to 50% … Continue reading More pre-election banker bashing

  Ahead of election season, the Chancellor yesterday used his budget speech to highlight the new pension flexibilities which will be introduced from 6 April.  Just to recap, this means no more compulsory annuitisation of pension benefits and the ability for individuals to draw down all of their pension savings as a lump sum which … Continue reading Chasing the grey vote: Pension changes in the Budget

The Chancellor yesterday confirmed several measures which will provide further support for the UK’s creative industries. Although these are subject to state aid approval by the EC, they reaffirm the important contribution these industries make to the UK economy and the Chancellor’s intention that the UK remains internationally competitive in creative sectors. The tax credit … Continue reading Further boost for creative industries

Although the 2015 Budget contained no new announcements that will materially impact Employee Incentives arrangements, it is worth highlighting some of the legislative changes previously announced that will soon be enacted, or which are now becoming particularly relevant. If you have any questions in relation to anything below, or Employee Incentives generally, please contact our Employee … Continue reading Employee Incentives: incoming changes