All posts with the topic: income tax

The Chancellor has confirmed that certain previously announced corporation tax measures will be going ahead.  Additionally, he also announced a consultation on bringing non-UK resident companies with UK income (e.g. offshore companies carrying on a property business in the UK), which are currently subject to income tax on such income, within the scope of corporation … Continue reading CORPORATION TAX CHANGES – UPDATE

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

Some of the measures announced this afternoon in the 2015 Summer Budget are as follows: Corporation tax corporation tax to be reduced to 19% in 2017 and 18% in 2020; corporation tax instalment payment dates brought forward for businesses with profits of £20m; annual investment allowance to settle at a permanent level of  £200,000 from … Continue reading Overview of main measures

All bad news In the run up to the general election next Thursday, each of the main political parties has proposed changes to the taxation of UK resident non-domiciliaries (“non-doms”). The statements made in published manifestos and by party leaders during interviews are summarised below.  These provide the best available indication as to what changes are … Continue reading General election – bad news for non-doms

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?

Today saw the first budget for some years which did not feature a new cut in the corporation tax rate.  Instead, the previous cuts (to 21% for the year beginning 1 April 2014 and to 20% for the year beginning 1 April 2015) were reaffirmed and so it seems clear that the government intends to … Continue reading Corporation tax rates and capital allowances

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

Positive growth forecasts and falling unemployment set a positive tone for this year’s Budget speech, although the Chancellor was frank in his admission that the deficit is still too large. He targeted measures to increase saving, investment, building and exports.  We are reviewing the Budget documents which have now been released and will be blogging … Continue reading Export more. Save more. Invest more. Build more.

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 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