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Image for mcinroy guarding your pension pot post summer budget 2015

Tax | McInroy: guarding your pension pot post Summer Budget 2015

Changes to the tax relief on pension contributions for additional rate taxpayers and the introduction of the tapered annual allowance for those earning over £150,000 confirmed in the Summer Budget call for swift action to avoid breaking the rules on contributions, warns Elaine McInroy CTA, partner at Saffery Champness

13 Jul 2015

Image for rank group loses final bet vat appeal over slot machines

Tax | Rank Group loses final bet on VAT appeal over slot machines

The Supreme Court has unanimously dismissed an appeal from the Rank Group seeking to overturn an earlier Court of Appeal decision in favour of HMRC in a long running case involving claims for some £25m of overpaid VAT on certain types of amusement machines using random number generators between 2002 and 2005

13 Jul 2015

Image for summer budget 2015 what dividend tax hike means owner managers

Tax | Summer Budget 2015: what the dividend tax hike means for owner managers

Tax expert Peter Rayney casts his eye over the proposals to raise the dividend tax rate and the introduction of a new tax-free £5,000 allowance announced in the Summer Budget and asks whether it will simply force owner managers to change their behaviour

10 Jul 2015

Tax | Summer Budget 2015: rent a room relief threshold raised to £7.5K

The tax relief on rental income for people who casually rent a room in their main residence is to be increased from 2016 in the first extension of the rent a room relief for nearly 20 years, the Chancellor announced in his Summer Budget

10 Jul 2015

Tax | Summer Budget 2015: simplifying charges on trusts

Following consultation, Finance (No. 2) Act 2015 will include legislation to reform IHT for relevant property trusts and make the tax system fairer by preventing individuals from being able to create multiple trusts and avoid IHT through the use of multiple nil rate bands

10 Jul 2015

Image for summer budget 2015 good bad and ugly

Tax | Summer Budget 2015: the good, the bad and the ugly?

Stephen Herring, head of taxation at the Institute of Directors, on a mixed Summer Budget for business, flagging the pros and cons from a good decision to reduce corporation tax to stimulate inward investment but a lukeward welcome for the limited retention of the annual investment allowance

10 Jul 2015

Tax | Government consults on five-year rule for averaging farmers' profits

The move to five year averaging for farmers' profits is likely to go ahead for 2016-17 as the government releases a consultation to finalise details for the new rules, setting out two options for review

9 Jul 2015

Image for summer budget 2015 winners and losers net tax rises hit C2 A358bn

Tax | Summer Budget 2015: winners and losers as net tax rises hit £5.8bn

The first Conservative Budget for 18 years was bound to be a major departure from earlier coalition Budgets. Bill Dodwell, head of tax policy at Deloitte, considers the winners and losers, and cost implications of key tax changes

9 Jul 2015

Tax | Summer Budget 2015: review of effectiveness of IR35 rules

The government has announced a further review into the effectiveness of the IR35 rules for self-employed, citing concerns about over complexity and abuse of the rules, with estimates lost tax revenue from this sector alone costing up to £400m a year

9 Jul 2015

Tax | Summer Budget 2015: HMRC given online trader data collection powers

To improve tax compliance among small businesses, the government will legislate to give HMRC the power to acquire data from online business intermediaries and electronic payment providers to help identify businesses that are trading but not declaring or paying tax

9 Jul 2015

Image for summer budget 2015 office tax simplification given staffing boost

Tax | Summer Budget 2015: Office of Tax Simplification given staffing boost

Five years after it was set up when the coalition government came to power in 2010, the Chancellor has confirmed that the Office of Tax Simplification (OTS) will be made a statutory body and become a permanent independent office of the Treasury with an increase in staff numbers, reports Sara White

9 Jul 2015

Image for summer budget 2015 changes corporation tax payment dates

Tax | Summer Budget 2015: changes to corporation tax payment dates

In his Summer Budget, alongside the cuts in the rate of corporation tax (CT) to 18% by 2020-21, Chancellor George Osborne signalled the government’s intention to introduce new CT payment dates for companies with annual taxable profits of £20m or more, which will raise around £4bn a year in additional tax revenues

9 Jul 2015

Tax | Summer Budget 2015: employee benefits and expenses review

The government is to review the rules on the tax treatment of travel and subsistence expenses, and a discussion paper will be published shortly outlining a potential framework for new rules

9 Jul 2015

Image for summer budget 2015 restriction tax deductibility purchased goodwill

Tax | Summer Budget 2015: restriction on tax deductibility of purchased goodwill

A change to the rules on reporting purchased goodwill and customer-related intangible assets, removing tax relief with immediate effect, could slow down the rate of mergers and acquisitions (M&A) transactions, while raising £1.2bn for the Exchequer over the next five years

9 Jul 2015

Law and Regulation

Tax | Summer Budget 2015: removal of Climate Change Levy

Chancellor George Osborne has announced the removal of the Climate Change Levy (CCL) exemption for renewable electricity in the Summer Budget, saying the change will correct an imbalance in the tax system by preventing taxpayers’ money benefitting renewable electricity generated overseas

9 Jul 2015

Image for summer budget 2015 tapered annual pensions allowance top earners

Tax | Summer Budget 2015: tapered annual pensions allowance for top earners

A number of pension reforms were announced in the Budget including measures to introduce a tapered annual pensions allowance for top earners as well as confirmation of plans to reduce the lifetime allowance to £1m, both measures effective from April 2016

8 Jul 2015

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