The Chancellor has today announced that hoped-for changes will be made to the decommissioning tax relief regime, taking effect from 1 November 2018. The proposed changes will be a world first for a tax regime, and are intended to encourage investment in late-life assets in the North Sea. A review on the topic had been … Continue reading Oil and Gas in Budget 2017: Transferable Tax History

Whilst not mentioned in the Chancellor’s statement, the Budget documents reveal the Government’s intention to bring offshore residents within the scope of UK tax on gains on commercial property from April 2019.  UK tax will also be extended to indirect disposals of both commercial and residential property, and the existing exemption from the charge on … Continue reading Non-residents to be taxed on commercial property gains

Participants in Sharesave (or SAYE) plans who are on parental leave will from April 2018 be able to miss up to twelve months savings as opposed to just six months savings, which is the current position. Employees save monthly over a three or five year period before they can exercise their option and receive shares. … Continue reading Sharesave plans – good news for those on parental leave

It’s Budget Day and we’re gearing up for what is expected to be one of the most politically charged Budgets in recent years. The CMS Tax Team will be blogging during the day. The Blog is interactive so do let us have your comments. The Chancellor’s announcements may include: • extension of corporation tax to … Continue reading Budget Day: what to look out for

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

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