Summer Budget 2015 – Finance Bill receives Royal Assent

 Miscellaneous  Comments Off on Summer Budget 2015 – Finance Bill receives Royal Assent
Nov 232015
 

What a long gestation period. On Thursday 18 November 2015, the second Finance Bill of the year finally received Royal Assent. You can find the legislation at this page.

In two days time we have another Autumn Statement to look forward to. Splendid. More paper to be printed out. And don’t forget that the following week they publish the draft legislation. Even more paper.

So, who’s betting that a number of provisions from our Summer Budget – which have just reached the statute books – are going to be drastically amended or abolished in two days time?

Don’t believe me? Remember ITA 2007 anyone? Passed just before Budget 2007, and within weeks they were making amendments to the partnership rules…

Summer Budget 2015 – Goodwill Regained – but for how long?

 Corporate Tax, IP Tax  Comments Off on Summer Budget 2015 – Goodwill Regained – but for how long?
Aug 142015
 

In a previous article we saw how the Government spoilt everyone’s fun by abolishing corporate tax relief on goodwill when acquiring a business. But there may be a silver lining to our goodwill cloud, though how long this will last remains to be seen.

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

Continue reading »

Jul 152015
 

8140678383_b981c48d95No, it’s not really goodbye. Goodwill hasn’t gone away, it’s still there all right. A company that acquires a business is still required to write down the value of the purchased goodwill in its accounts. But from 8 July 2015, it will no longer be able to deduct the amounts written off when calculating its taxable profits.

This isn’t great news. Not great news at all – it was actually hidden away towards the bottom of the list on the relevant GOV.UK webpage. I only found it easily because I’ve got into the habit of looking for those Budget measures to be effective immediately, so I can start writing my own Budget page.

So what does it all mean? And why do I find myself laughing? Continue reading »

Summer Budget 2015 – where to find the documents

 Miscellaneous  Comments Off on Summer Budget 2015 – where to find the documents
Jul 072015
 

Remember we have a Budget tomorrow? Well, this is where you can find the documents. And you can also find a special Summer Budget 2015 page at Tax Notes.

What fun this is going to be. Everyone else will be enjoying the tennis, while we hard working, dedicated tax people will be spending the day staring at that GOV.UK page.