Latest Reforms and HMRC’s Stance The UK’s R&D tax relief framework has undergone extensive reform in recent years, with the aim of simplifying the system, reducing abuse, and encouraging genuine innovation. These changes affect companies of all sizes and come with significant compliance considerations. Professional bodies, including the Chartered Institute of Taxation (CIOT), have been […]
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Dividend tax rises
On 8 September 2021, the Prime Minister outlined the Government’s plans for health and social care, including a new funding strategy designed to meet social care costs. The plans include increasing National Insurance for employers, employees and the self-employed by 1.25% for 2022/23 only, before launching a new social care levy of 1.25% from April […]
The shareholders of a Company wishing to exit the business but wishing to ensure the continued independence of the company they may consider establishing an Employee Ownership Trust (“EOT”) The benefit to the shareholder is that subject to satisfying the requisite criteria he can sell his shares to the EOT and claim complete exemption from […]
Temporary rate reduction Presenting the Summer Economic Update on 8 July 2020, the Chancellor, Rishi Sunak, announced a much-anticipated reduction in residential stamp duty land tax (SDLT). Where completions take place between 8 July 2020 and 31 March 2021, the residential SDLT threshold is raised to £500,000 from £125,000. The reduction will also benefit those […]
Stephen was extremely thorough and produced a well honed and detailed, yet easy to read, report. The process was swift and virtually painless
Business Asset Disposal Relief (BADR) Business Asset Disposal Relief, formerly known as Entrepreneurs’ Relief, offers a lower rate of Capital Gains Tax (CGT) when selling all or part of a business, shares in a trading company, or certain business assets. From 6 April 2025, the CGT rate under BADR is 14% — up from the […]
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CGT Rollover Relief
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 […]
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Trading and property allowances
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 […]