Nov 232016
 

The Corporation Tax Annual is part of a collection of Core Tax Annuals published by Bloomsbury Professional. There are eight volumes in all, making a complete set. Apart from corporation tax, the annuals deal with: income tax, capital gains tax, national insurance contributions, stamp taxes, VAT, inheritance tax and trusts and estates.

This year, there’s another set of annuals to deal with the Scottish taxes. Because as you’re all aware, Scotland has recently been following its own tax map – Scotland can set its own tax rates and has its own set of stamp taxes called Land and Buildings Transaction Tax. And soon, Wales and Northern Ireland will follow suit. Creating a nightmare for tax practitioners. Continue reading »

Nov 222016
 

I don’t know for certain. The awful GOV.UK website tells me that the main page will be here.

And the important documents – you know, the ones that tell you what’s really going to happen – well, they are to be found here.

Oh, perhaps I’d better tell you the date. Tomorrow. Wednesday 23 November 2016. Continue reading »

Incorporating a Property Rental Business

 CGT, Property Tax  Comments Off on Incorporating a Property Rental Business
Nov 122016
 

The following article was written in July 2013. Since that time, the Government has introduced various changes to the tax legislation, in order to discourage private landlords operating in the buy to let sector. These changes include higher SDLT rates on acquiring a “second home” restrictions on tax relief for borrowings and higher CGT rates on residential property.

This has led to increasing interest amongst individual landlords in the question whether it is worth incorporating. Although companies are also subject to the higher SDLT rates, they are not affected by the interest relief restrictions, and they are taxed at lower rates, both on rental profits and capital gains.

There is a special CGT relief for incorporating a business. In the context of buy to let incorporations, it is crucial that the properties are held as business assets rather than as an investment – and the two are not necessarily the same thing.

(This article can be downloaded in pdf format at Academia.edu.)

Continue reading »

Investors’ Relief – a new tax break for Business Angels

 CGT, Investment Tax  Comments Off on Investors’ Relief – a new tax break for Business Angels
Nov 062016
 

Investors’ relief is a new CGT relief introduced by Finance Act 2016, designed for people who invest in unquoted trading companies without being involved in the management or operation of the business. These people cannot qualify for entrepreneurs’ relief on realising their investment, and so they wouldn’t expect to benefit from the special 10% rate – until now.

This is a tax relief which should be of particular interest to business angels. Although we already have other tax advantaged schemes, such as the venture capital schemes, they are too complicated and hedged with all sorts of rules and regulations. Investors’ relief is far simpler and should prove an attractive alternative for investors.

(This article can be downloaded in pdf format at Academia.edu)

Continue reading »