The latest issue of our newsletter is now available on this site. As this year’s Budget included some surprise announcements we look at some of the many changes in the tax world.
Since being highlighted in the Arctic Systems case, the tax rules surrounding income shifting have rarely been out of the news. This could be one of the reasons that the government has reconsidered its position on this matter and delayed the proposed legislation until April 2009. Our front cover article will keep you abreast of developments.
The decision to change the basis of capital gains tax by removing taper relief was not well received in the business world. The announcement about the new Entrepreneurs’ Relief softened the blow for some but not for all. See if you will be a winner or loser in our article ‘A bit of relief for some’.
We also look at the IHT tax planning issues surrounding the family home and also how to ensure that no benefit in kind charge arises on the provision of a company van.
The ongoing implementation of the Companies Act 2006 continues and one of the key dates, 6 April 2008, has now passed. Read our summary to see how the new Act is progressing.
Finally, we have also included a short article on the new National Minimum Wage (NMW) rates effective from 1 October 2008 and the proposed changes on how the NMW will be enforced. The government are also cracking down on illegal working with the introduction of a new criminal offence and increased fines. Make sure you don’t get caught out.
In our Data Centre you will find special briefings where we look in more detail at:
Entrepreneurs’ Relief - The new £1m relief
As mentioned briefly in our main newsletter, after business leaders voiced their objections to the abolition of taper relief, the Chancellor has introduced a new Entrepreneurs’ Relief (ER). ER will be available for disposals, reorganisations and relevant transactions taking place on or after 6 April 2008. Our briefing expands on the detail and explains what the main effects of the relief are, what qualifies for relief and how much the relief could be worth. It also looks at the planning opportunities available, particularly in relation to the transitional rules, and certain problem areas.
Companies Act 2006 - A closer look at reports and accounts
In this briefing we take a closer look at the Companies Act 2006 regime for reports and accounts. In respect of these areas, the 2006 Act becomes relevant for accounting periods beginning on or after 6 April 2008. Make sure you know the changes to come, including higher small and medium-sized company and audit exemption limits, shorter filing deadlines, higher late filing penalties, and the loss of the exemption from preparing medium-sized group accounts.
Inheritance Tax - Are you Will-ing to plan for IHT?
The transfer of the unused nil rate band between spouses represents a significant development in IHT planning. Does this mean an end to the need for IHT planning? Should IHT planning should be done in lifetime or on the first death? Will individuals be looking for guidance if they have already lost their partner? Our briefing explains the new rules and how to maximise the tax savings available.
Please contact us if you have any questions regarding any of the articles we have included in our newsletter or if you would like further information on a topic we haven’t covered. Your views are always important to us and we would welcome any feedback you could give us.
Simon Towers
Director
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