All posts with the topic: Capital Gains Tax

George Osborne announced in today’s Budget: “We will close loopholes to make sure entrepreneurs’ relief (ER) is only available to those selling genuine stakes in businesses”. Having now seen the detail of these proposed changes, we find that he has made some targeted changes to the circumstances in which ER can apply but otherwise left … Continue reading Targeted changes to entrepreneurs’ relief – management companies

The announcements today by the Chancellor included surprises, confirmed many predictions but some topics were notably absent. Income tax rates – no major review Recent debates on income tax rates have been highly political and will continue to be so as we approach the election. The Chancellor has increased the personal allowance by £500 for … Continue reading Wish you were here: what was missing from Budget 2014?

Notwithstanding consultation criticisms it was confirmed today that the Government will press ahead with plans to reduce tax avoidance benefits. It is proposed that Finance Act 2014 will provide HMRC with powers to require a taxpayer to pay tax upfront where: • the taxpayer has entered into arrangements to obtain a tax advantage (whether or … Continue reading More on tax avoidance

Extension of taxation on UK residential property held by non-natural persons As one of a number of measures aimed at tackling tax avoidance, the Government is extending the package of taxes on “enveloped dwellings”, lowering the threshold so that the relevant taxes apply to residential properties worth over £500,000 (rather than only to those worth … Continue reading More changes afoot for taxation of residential properties…

Despite the gathering pace of the UK economic recovery, the Chancellor has warned that there is a “long way to go” and that 2014 will be “a year of hard truths”.  With the 2015 general election looming, the Budget is likely to be more political than normal.  The Chancellor has said that he will focus … Continue reading Getting ready for the Budget 2014

Following recent ECJ decisions, the European Commission requested the UK to amend its exit charge for companies moving their tax residence outside the UK. The current provisions deem a migrating company to dispose of, and immediately reacquire, its assets at market value at the time it ceases to be UK resident.  These rules apply to … Continue reading The corporate exit charge

There had been speculation that the introduction of the Annual Residential Property Tax, as well as extension of the capital gains charge, would be deferred. But not a bit of it. The new tax and the extended charge will come into force from 1st and 6th April respectively as originally planned. Whilst confirmed today, details on the precise … Continue reading High-value residential property update

The UK transfer of assets abroad (TOAA) tax regime is designed to prevent individuals using overseas structures to shelter income from UK tax.  An example would be an individual who subscribes for shares in an offshore company, arranges for that company to acquire an income-producing asset and accumulate the income from that asset offshore. The … Continue reading Investing abroad – refinement of new exemptions from UK anti-avoidance

Next week’s Finance Bill will include the new general anti-abuse rule (GAAR) which is expected to come into effect in June or July 2013.  It is perhaps a measure of the changing political climate over the past year that the GAAR, which was initially very controversial in some quarters, is now widely regarded as necessary … Continue reading The GAAR

Under the Government’s proposed initiative to introduce an “employee shareholder” status, employee shareholders will relinquish certain statutory employment rights in return for shares in their employer company on the basis that any future gains on those shares will be exempt from UK capital gains tax. In a previous update we highlighted some key areas of … Continue reading Employee shareholder proposals? Still not convinced