Finance Bill 2016 – Entrepreneurs’ Relief and Joint Ventures

 CGT, Corporate Tax  Comments Off on Finance Bill 2016 – Entrepreneurs’ Relief and Joint Ventures
Jun 032016
 

Last year, the Government made some changes to the rules on entrepreneurs’ relief, aimed at individuals who use a corporate vehicle to conduct their business. Before the changes, it was possible for the individual’s personal company to trade through a joint venture or partnership and apply “look-through” rules to qualify for trading status. This was stopped, but now, following Budget 2016, the position is being restored in cases where the individual holds a 5% interest in the relevant joint venture or partnership.

However, there are quirks in the new rules. As we shall see, the position has not been restored exactly in the way that one might expect. We shall concentrate on the rules for joint ventures, but the rules for partnerships are similar and give rise to the same issues.

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

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Apr 122016
 

Those of you who aren’t interested in Euro-law or compliance matters will probably be tempted to skip this article. While these are extremely important topics, I must confess, I too find substantive tax law more interesting. But instead of turning the page, I strongly suggest that you carry on reading. For these new rules aren’t confined to a single particular tax pigeonhole, but will affect a range of tax incentives such as the EIS and VCT Schemes.

In certain cases, failure to comply with the new rules may lead to a denial of the relevant tax break.

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

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Mar 162016
 

Well, today is the big day. As usual, we have a dedicated Budget page from which I will try and give an orderly presentation of the links to the various documents.

I shouldn’t have to do this of course. HMRC – or the Inland Revenue – once did this on their own site. Some of you will remember that site. You know the one I mean. When HMRC used to give out information rather than hiding archiving it. Before the days that the IT crowd started interfering with upgrading the site.

Budget Day 16 March 2016 – where are the documents?

 Miscellaneous  Comments Off on Budget Day 16 March 2016 – where are the documents?
Mar 092016
 

They are here of course.  Well, that’s where they say they’ll be. At the moment it’s just an empty page.

But don’t you believe it – just wait till the Big Day arrives, and once more, we’ll be taken on a merry-go-round the GOV.UK pages, trying to find whatever piece of paper that we’re so desperately trying to get hold of because some client desperately wants to know whether they’ve finally abolished entrepreneurs’ relief.

So who’s looking forward to this Budget? Are you? I’m not. I’m too busy recovering from the last one.