The Enterprise Management Incentive Scheme (EMI), is suitable for those companies with a relatively small number of employees, 250 or less, where the gross asset value is less than £30m and the company is not under the control of another company i.e. it is not a subsidiary. The EMI scheme is very flexible and presents […]
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Acquisition of a business, or part of a business from the current shareholders by way of a Management Buyout (MBO) is beset with tax pitfalls and these have become a larger issue since the introduction of ITEPA in 2003. It is crucial that the MBO team seek tax advice on structuring and investment before reaching […]
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 […]
Award value to double Employers can encourage their employees to take a stake in the company they work for by providing them with share options. There are a number of approved share option schemes, which can allow employees to receive share options without being taxed on that value as a benefit in kind. The two […]
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CGT offset problems
Since 6 April 2020 gains made on the disposal of UK residential property have to be reported and the CGT paid within 30 days, using the UK Property Reporting Service. This online service doesn’t link into the annual self-assessment reporting system. However, HMRC had assured the tax and accounting professional bodies that any under or […]
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CGT on Property
30 Day Reporting In spite of the coronavirus crisis, the new system for paying and declaring CGT within 30 days of the completion of a UK property transaction came into effect for property completions on and after 6 April 2020. There are exceptions from the 30-day regime for transactions where there is a loss, the […]
Home selling deadline relaxed Second homes have been subject to a 3% SDLT surcharge since April 2016, and similar surcharges apply in Wales (3% LTT) and Scotland (4% LBTT). These surcharges are not supposed to apply to the purchase of a main home, but purchasers can be caught out if they buy a replacement main […]
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Loan charge update
The introduction of the loan charge and its implementation has been controversial and many people see it as deeply unjust and unfair law. Following an independent view by Amyas Morse, HMRC has comprised on both the scope of the charge and payment terms and issued revise guidance, which can be read here. Now where the […]
All three of the main Political Parties included a commitment in their pre 2019 General Election manifestos to either abolish or “review and reform” entrepreneurs’ relief (ER). This sounds like the death knell for ER to apply to the proceeds from company liquidation. There may be opportunities to take advantage of Entrepreneurs’ relief now to […]
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 […]