Second Budget on 8 July 2015 following Conservative General Election Victory

 Miscellaneous  Comments Off on Second Budget on 8 July 2015 following Conservative General Election Victory
May 162015
 

Oh goody. That’s just what we need. I was dreading the prospect of an emergency Budget which has become a habit following the last few general elections. No sooner have we digested one Budget and got used to the new rules, we’re faced with another, just because a new government wants to put its stamp on the economy as soon as they’ve got into power.

But, the BBC has reported that George Osborne wants another piece of prime time TV, so that’s the way it must be.  (This is the official confirmation from the awful GOV.UK site, my thanks to Rebecca Cave for pointing it out to me on twitter).  Continue reading »

Budget 2015 – Changes to the Venture Capital Schemes and EU State Aid

 Investment Tax, Venture Capital Schemes  Comments Off on Budget 2015 – Changes to the Venture Capital Schemes and EU State Aid
Apr 222015
 

UPDATE

This article was written shortly before the Summer Budget of 2015. Since then, some of the measures have been modified and are now enacted in F(No 2)A 2015, together with the introduction of a new blanket prohibition on using the funds raised to acquire shares in another company. For VCTs this puts a damper on the practice of raising money to finance management buy-outs.

One of the announcements made during Budget 2015 was a series of measures aimed at tweaking the Venture Capital Schemes so that they are in line with EU State Aid rules.

There are four Venture Capital Schemes, though the rule changes affect just two of them, the Enterprise Investment Scheme (“EIS”), and the Venture Capital Trust Scheme (“VCT”). The other two schemes are the Seed Enterprise Investment Scheme (“SEIS”) and the Social investment Tax Relief Scheme (“SITR”) introduced last year. Continue reading »

Budget 2015 Entrepreneurs’ Relief – New Rules on Joint Ventures and Partnerships

 CGT, Corporate Tax  Comments Off on Budget 2015 Entrepreneurs’ Relief – New Rules on Joint Ventures and Partnerships
Mar 302015
 

This year’s Budget has not been very kind to entrepreneurs’ relief, the 10% tax rate that applies when an individual sells a business. We’ve already seen in last year’s Autumn Statement, the introduction of rules to restrict the relief when a business incorporates. This year’s Budget saw two more measures aimed at people intending to access the relief when they shouldn’t be.

In this article we shall look at the new rule on joint ventures and partnerships. What was the law before the Budget, what is the law now, and why was the law changed? Continue reading »