Category Archives: Budget – March 2017

The proposed changes to the UK’s taxation of non-domiciliary rules, which were due to come into force on 6 April 2017, were dropped in their entirety from Finance Bill 2017 (now Finance Act 2017) to enable passage of the legislation through Parliament ahead of the snap General Election on 8 June 2017. This move came … Continue reading Finance Act 2017: Postponement of Proposed Changes to the UK’s Taxation of Non-Domiciliary Rules

Yesterday’s Budget brought potentially welcome news for those involved in the North Sea’s burgeoning decommissioning industry. A review of decommissioning tax relief was announced, which may remove an effective barrier to smaller specialists taking on late-life fields. Further details will be published in a discussion paper “on the case for allowing transfers of tax history … Continue reading Budget 2017: Oil and Gas decommissioning tax relief

The Government announced yesterday that it will consult in summer 2017 on the legislative changes required following the implementation of the International Accounting Standards Board’s new leasing standard, IFRS 16 (Leases), which applies to periods of account beginning on or after 1 January 2019. The tax treatment of a lease, in some important respects, is … Continue reading Budget 2017: Lease Taxation Post-Implementation of IFRS 16 Leases

In today’s Budget, the main news for employee incentives is that the Government has confirmed that it is proposing to continue with the Enterprise Management Incentive (EMI) scheme. EMI share options can be granted by SMEs over up to £250,000 of shares per employee, with exercise gains subject to capital gains tax at 10% under … Continue reading Employee Incentives – Budget developments

At first glance, there seemed to be little mention of the venture capital schemes in today’s Spring Budget. However, there is scope for the Seed Enterprise Investment Scheme (“SEIS”), the Enterprise Investment Scheme (“EIS”) and Venture Capital Trust (“VCT”) reliefs to be subject to scrutiny through the ‘Patient Capital Review’. The Chancellor stated the review will “consider existing … Continue reading Spring Budget: EIS under scrutiny?

Today’s Budget was fairly thin both on detail and on new announcements. In addition to a small number of new measures, most of the Chancellor’s announcements were minor adjustments to measures which had been announced in the Autumn Statement or the subject of consultation. We await more detail over the next couple of weeks and … Continue reading Spring Budget: corporate tax announcements

There was very little ‘new’ information announced in today’s Spring Budget relevant to the real estate industry. Although we did receive confirmation of certain anticipated measures. Offshore Developer Rules Strengthened 2016 saw the introduction of rules which extended the scope of UK tax to non-residents trading or developing UK land. These rules were introduced to … Continue reading SPRING BUDGET PROPERTY TAX UPDATE

The Government announced today that it is to extend the Double Taxation Treaty Passport scheme (the “DTTP Scheme”) so that it applies to all lenders and borrowers, rather than just corporate lenders and borrowers. The DTTP Scheme was introduced in 2010.  It simplifies the process for claiming exemption from (or the reduced rate for) withholding … Continue reading Double Taxation Treaty Passport Scheme extended to non-corporates