All posts with the topic: Budget – March 2016

Remote Gaming Duty and freeplays When the point of consumption gambling duty rules were being designed in 2014, many bookmakers complained that free and discounted bets should not be subjected to general betting duty, particularly since the equivalent gaming incentives – “free plays” or “free spins” – were not subject to remote gaming duty. The Government’s response … Continue reading Gambling tax Budget news

George Osborne’s 2016 Budget contains a surprisingly broad range of new tax measures addressing everything from sporting testimonials to oil fields.  However, the main changes are as follows. Companies Corporation tax will come down to 17% from April 2020. From April 2017, companies will only be able to use carried forward losses against 50% of their profits above … Continue reading Budget 2016 – headline points

In a surprise move in today’s Budget, the Chancellor has slashed the rate of capital gains tax from 28% to 20% (or, for basic rate taxpayers, from 18% to 10%).  These changes come into effect from 6 April 2016.  This will be great news for any employee holding shares in their employer company and, in … Continue reading Employee Share Incentives: a sprinkling of sugar but a cap on ESS

As previously announced, and following consultation, higher rates of SDLT are to be introduced for purchases of additional residential properties from 1 April 2016. The higher rates will be 3% above the current rates. SDLT will be calculated as follows: £0 – £125,000                3% £125,001 – £250,000       5% £250,001 – £925,000       8% £925,001 – … Continue reading SDLT and residential property – Update on the additional 3% charge

The Chancellor’s 2016 Budget devotes very little attention to non-doms.   This alone is something of a relief, given the number of recent changes to these rules. The 2016 Budget confirms that the main changes announced in the Summer Budget 2015 will be introduced in the Finance Bill 2017 and become effective from April 2017 (i.e. deemed … Continue reading Good news for deemed doms

In recent years the Chancellor has had a dual approach to corporation tax, reducing the headline rates, which feature in international comparisons, but increasing the amounts on which tax is charged so tax revenues are not reduced. This has been done not only by  counteracting perceived tax avoidance but also by restricting or delaying permitted deductions such … Continue reading Corporation tax: future rate reduction, but …

From and including 17 March 2016, the calculation of SDLT on freehold and leasehold transactions in non-residential properties is changing. Purchasers (above the value threshold below) will see increases. A new band system (mirroring the changes made in relation to residential property transactions) will apply. A different rate of charge will apply to the portion … Continue reading SDLT and commercial property – Still scope to exchange by midnight

Territorial limitations on the scope of UK taxes open up the possibility of tax free property development. At least this is the case for non-UK residents who can arrange matters such that they avoid a permanent establishment in the UK (for example, a site office or show-home) and are resident in a jurisdiction with a … Continue reading Profits from Trading in and Developing UK Land