A common method of effecting corporate takeovers for many years has been by way of a target company entering into a scheme of arrangement with its shareholders (rather than by way of a standard takeover offer made by the buyer). This method is used for a number of reasons, including potentially shorter timescales and a … Continue reading Stamping out cancellation schemes
A few interesting tax changes announced today across the funds spectrum: UK authorised funds The 0.5% stamp duty reserve charge on dealings in units in UK unit trusts and OEICs will be abolished from 1st April 2014, a very welcome change. The Government will consult on a proposal to remove the requirement to withhold tax … Continue reading Investment funds – changes in the Budget
As ever, pages of documents have been published backing up the Chancellor’s Budget speech made earlier today. We are analysing these and will soon be blogging more in depth analysis but in the meantime here are some headline changes: Corporation tax rate to be 20% from April 2015 – this will match the small profits … Continue reading The headline changes….more to come
The Chancellor announced in his Budget Statement that he is “abolishing altogether stamp duty on shares traded on growth markets such as AIM”. However, the Budget document reveals there is some process to get through before this takes effect – the Government will first consult on the abolition of stamp duty on shares quoted on growth markets such as AIM and the ISDX Growth … Continue reading Abolition of stamp duty on AIM (hopefully)
The Chancellor has announced that the rate of stamp duty land tax will increase to 5% for residential property transactions of £1 million and over. This new rate will apply to transactions with an effective date (usually completion) on and after 6 April 2011.
Finance Bill 2010 will block a potential stamp duty and SDRT avoidance arrangement that arose following the taxpayer’s victory in the HSBC Holdings case in the ECJ (reported here – click here to view) HMRC can no longer apply the 1.5% stamp duty or SDRT charge on new shares first being issued into an EU clearance service … Continue reading Clearance services – stamp duty and SDRT changes