Category Archives: Budget Update

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

All of the changes to employee share incentive arrangements that were proposed back on 27 March (when the Finance Bill was published) have now formally made it onto the statute books: Royal Assent has been received and we now have the Finance Act 2014.  Just as well really, given that the vast majority of the changes have … Continue reading Employee Share Incentives update: Royal Assent to the Finance Bill

As part of today’s Autumn Statment, it has been announced that there will be increases in the limits applying to HMRC-approved Share Incentive Plans (“SIPs”) and Savings-related Share Option Schemes (“SAYE”). Under a SIP, and from April 2014, employees will be able to invest up to £1,800 per year (currently £1,500) from pre-tax salary in … Continue reading Today’s announced increases in SIP and SAYE limits

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

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.

Rumours are flying around the City about what George Osborne will say in his budget on Wednesday. His objectives (often conflicting) will be to come up with measures which foster enterprise and innovation and make the UK a more attractive place to do business whilst increasing tax revenues and clamping down on tax avoidance (and … Continue reading Predictions for the Budget 2013

Whilst it will be the unexpected 2% cut in the main rate of corporation tax which will no doubt feature in the headlines, the radical reform of the tax treatment of foreign profits is perhaps more significant to the international tax competiveness of the UK.  The Chancellor was reportedly hoping to announce that at least … Continue reading Corporation tax reform

The Government has announced that from April 2012 the measure of inflation used to calculate increases in NICs rate bands, the CGT annual exempt amount and the annual ISA subscription limit will be changed from the retail prices index (“RPI”) to the consumer prices index (“CPI”), and that the default indexation assumption for all direct taxes will … Continue reading Stealth tax?

There’s precious little in the Budget concerning gambling duties. The way in which machines are taxed is due to change in 2012/13, with the banded licence fee regime of Amusement Machine Licence Duty (AMLD) being abolished and machine takings no longer being subject to standard rated VAT.  Under the new regime – of “Machine Games … Continue reading Gambling duties – no news is good news!

On balance, the Budget contains mostly good news for non-doms. Higher remittance basis charge for long term residents Non-doms who have been UK resident for 12 years or more will, from April 2012, pay an annual charge of £50,000 (up from £30,000) in order to be taxed on the remittance basis.  Whilst this is obviously unwelcome, it is a relatively … Continue reading Residence and domicile