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FA 2019, Schedule 16 has introduced four changes to entrepreneurs’ relief (ER). The new conditions for an individual’s shareholding in their personal company to qualify for ER took effect from 28 October 2018. The three other changes to ER take effect for disposals made after 5 April 2019. Qualification period For disposals after 5 April […]
In 2016 a targeted anti-avoidance rule (TAAR) was introduced to prevent individuals from winding-up their close company, taking out the retained cash at capital gains tax rates and then continuing the same business in another vehicle. In HMRC Spotlight 47 HMRC declare that schemes designed to step around this TAAR, which involve selling the company […]
We have referred a number of our clients to Stephen Burwood and have always been impressed in the professional approach. He keeps us informed at every stage and delivers on promises. As they only offer specialist advice on tax matters, they complement our service offerings and are a pleasure to do business with. If you […]
A little knowledge is a dangerous thing, especially in tax. The circumstances of a transaction need to fit precisely within the parameters of the relief, or tax will be payable as is demonstrated by the cases of CF Day v HMRC and KW Day v HMRC Mr and Mrs Day sold a plot of land […]
The proportion of finance and interest charges which can be deducted from residential property income is gradually being reduced to nil as follows: Tax Year in which interest is paid Proportion of finance charges deductible 2017/2018 75% 2018/2019 50% 2019/2020 25% 2020/21 and later Nil The landlord will have a tax credit (20% x blocked […]
Seed Enterprise Investment Scheme (SEIS) When you wish to use a venture capital scheme to allow equity investors to claim tax relief, you need to understand the conditions for the company to qualify before the investments are made. The best way to do this is to read the law, or approach us for advice. It’s […]
A voluntary form of cash basis accounting was introduced from 6 April 2013, but only for unincorporated trading businesses with turnover under the VAT threshold. Until 6 April 2017 landlords were required to use accruals accounting for property income. From 6 April 2017 the tables are turned as smaller unincorporated property businesses are required to […]
These £1,000 annual allowances were introduced by F(no 2)A 2017, and backdated to apply from 6 April 2017. However, the detailed guidance on exactly how each allowance works has only just been published in HMRC’s Business Income Manual (BIM) and the Property Income Manual (PIM). The trading allowance and miscellaneous income allowance (TMIA), and the […]
The Enterprise Investment Scheme (EIS) was introduced by the Finance Act 1994, replacing the existing Business Expansion Scheme, and applied to shares issued on or after 1 January 1994. The EIS was implemented to help stimulate investment in small, high-risk trading companies by offering a range of tax reliefs to investors who purchased new shares […]