Budget 2013 – New Limits on Income Tax Reliefs

 Budget 2013, Income Tax  Comments Off on Budget 2013 – New Limits on Income Tax Reliefs
Apr 102013
 

Budget 2013 has produced a few nasty restrictions on income tax reliefs, which cannot be said to be business friendly at all. In a nutshell, certain types of tax deduction will be capped at 25% of an individual’s annual income, or £50,000, whichever is the greater number.

The Draft Guidance sets out a list of the reliefs affected, and examples of how to do the sums. Perhaps the most significant impact will be felt by individuals setting up their own business, whether as a sole trader or in partnership. Continue reading »

Budget 2013 – Buying Corporate Tax Losses – a technical analysis of the new rules on trading losses

 Budget 2013, Corporate Tax, Tax Avoidance  Comments Off on Budget 2013 – Buying Corporate Tax Losses – a technical analysis of the new rules on trading losses
Mar 262013
 

This is a technical analysis of the new restriction on the carry forward of trading losses when a company undergoes a change in ownership. The legislation refers to the Corporation Tax Act 2010 (“CTA 2010”).

Tax specialists will be familiar with the subject matter. For those who are not so familiar with these rules, there is another article to follow. Continue reading »

Mar 222013
 

There are a number of anti-avoidance measures aimed at closing various loopholes in the corporate tax legislation. These are all targeted at loss buying – on top of the loophole closures, we have two new targeted anti-avoidance rules, or TAARs as we like to call them in the tax world. Continue reading »

Mar 222013
 

The actual measure is aimed at certain “non-natural persons” and is stated to be a CGT measure. While CGT is one of the taxes involved in this anti-avoidance package, it is in substance a  penalty against wealthy individuals seeking to save stamp duty land tax (“SDLT”) when buying a home through an offshore company.  Continue reading »

Budget 2013: Investments – Seed Enterprise Investment Scheme and Stamp Duty Reserve Tax

 Budget 2013, Investment Tax  Comments Off on Budget 2013: Investments – Seed Enterprise Investment Scheme and Stamp Duty Reserve Tax
Mar 222013
 

Some good news for investors in this year’s Budget. And do they need it in the current economic climate. Continue reading »