Corporation tax and transfer pricing For many years, transfer pricing rules protected the UK tax base. These rules were introduced to catch cross border transactions, on non-arm’s length terms, between connected parties. However, as a result of the Inland Revenue’s aversion to recent EU court decisions, the UK transfer pricing regime was radically changed with […]
Do you need to sell your assets to avoid higher taxation? The Chancellor’s proposals regarding Capital Gains Tax (CGT) in the Pre-Budget Report, announced on 9 October 2007, were heralded as a simplification. However, the proposals have sparked much criticism, both from investor bodies as well as the accounting profession. Even members of television’s ‘Dragons […]
From 6th April 2008 significant changes have been made to the way non-domiciled UK residents are taxed. Previously, all non-doms were free to claim the ‘remittance basis’ of tax without charge which meant that their non-UK income and capital gains were only taxed when and if they were remitted to the UK. Now, however, if […]
As a part of the 2009 Budget the Chancellor announced some radical changes to the taxation of higher earners. Not only will those with taxable income in excess of £150,000 be subject to new higher rates of Income Tax, those with income close to or above this threshold will also find that the tax reliefs […]
The 50% tax rate for earners over £150,000 and the restriction of personal allowances for earners over £100,000 took effect from April 2010, and next year, National Insurance rates are due to increase by 1% across the board. The marginal tax rate for employment and self-employment earnings between £100,000 and around £113,000 will then be […]
Capital Gains Tax The Chancellor’s proposals regarding Capital Gains Tax (CGT) in the Pre-Budget Report, announced on 9 October 2007, were heralded as a simplification, abolishing both taper relief and indexation relief in favour of a single rate of tax for individuals. Inheritance Tax The Chancellor has announced an extension to the nil-rate band from […]
Company car users – changes to tax free fuel rates HMRC regularly publish approved ‘fuel only’ rates for company car users and the last updates, published in July 2010, have once again been updated with effect from 1 December 2010, this time with an increased risk for drivers of being caught by the fuel scale benefit. […]
Having previously targeted white-collar professionals such as doctors and dentists, HM Revenue & Customs (HMRC) have this month announced a ‘tax amnesty’ for plumbers and those in associated trades. As with the previous industry-specific deals there are various inducements for those who come clean regarding income that they have not declared to the taxman. On […]
If your partnership or LLP has a range of capital and profit sharing arrangements, you will need to review the robustness of your position.
With effect from 1 April 2014, if you are considering any commercial property acquisition you will require an additional level of tax due diligence.