All posts with the topic: Budget 2015

In addition to the changes to the capital gains tax treatment of private equity carried interest announced today, HMRC has published a Consultation Document which appears to be targeted mainly at hedge fund managers. It aims to ensure that individuals who manage funds where the underlying activities are more closely aligned  to trading than investing  pay full … Continue reading Hedge fund managers’ performance incentives: consultation launched

Continuing the trend of making changes to the taxation of residential property in recent Budgets the Chancellor today announced three residential property tax changes: • Limiting the deduction of finance cost in respect of residential property by individual landlords • Introducing an additional inheritance tax nil-rate band for residential property • Extending inheritance tax for non-doms … Continue reading Residential property tax rollercoaster

The government today followed up its previous round of pensions reforms by developing the framework within which savers can draw their pension benefits flexibly as well as making further changes to the pensions tax rules. The government has estimated that higher-rate tax relief on pension contributions in 2013-14 cost the Treasury in the region of … Continue reading Summer Budget 2015 – pensions changes

The first all-Tory Budget of this most political of Chancellors  will have to balance his stated commitment to cut government spending by £30bn over the next two years with his self-denying ordinance prohibiting increases in NICS, VAT or income tax in this Parliament. He will want to get the economic pain over with as soon … Continue reading July Budget: what we’re expecting

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

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

With the recent introduction of the place of consumption duties (general betting duty, remote gaming duty and pool betting duty – which are to be considered in the Gibraltar Betting and Gaming Association’s judicial review in the High Court next week) and the recent increase in the rate of duty on FOBTs (to 25%), the … Continue reading Budget 2015 – gambling taxes

Today’s budget included the stamping out of various techniques (known as “refreshing” arrangements) that allow companies to use certain types of brought forward losses which might otherwise not be used (sometimes described as being “trapped”). The losses in question are trading losses, non-trading loan relationship deficits (interest expenditure) and management expenses which, in each case, … Continue reading A more straight forward rule would have been refreshing

Universities will often set up spin-out companies to commercialise the intellectual property generated by their academic research projects.  Spin-out companies are particularly common in the life sciences and technology sectors.  University academics and researchers who have assisted with the development of the intellectual property will frequently receive shares in the spin-out company as a reward … Continue reading Spinning-out entrepreneurs’ relief