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Tax | Budget 2016: English votes for English laws on income tax

As announced at Budget 2016, legislation will be introduced in Finance Bill 2016 to enable the 'English votes for English laws' procedure to apply to the UK main rates of income tax in light of new devolved tax powers for Scotland

21 Mar 2016

Tax | Marriage allowance fails as take-up stands at one in ten

One of the government’s flagship family-friendly tax policies, the introduction of the Marriage Allowance for lower income couples, is floundering because of the difficulties taxpayers are experiencing in making a claim, according to analysis prepared by the Office for Budget Responsibility (OBR)

18 Mar 2016

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Tax | Budget Insight 2016 report

Brought to you by the Wolters Kluwer in-house team of tax writers, the Budget Insight 2016 report provides free, expert commentary on the recent UK Budget proposals. Including useful links and tables, it is written to help you assess the impact of the Budget proposals on your own or your clients’ businesses and tax liabilities, so that you can confidently offer advice

18 Mar 2016

Tax | Budget 2016: employer NICs on termination payments from 2018

The announcement in the Budget that the government intends to clarify and tighten the rules about the taxation of termination payments is set to bring in over £1bn over the course of this parliament, according to Treasury estimates.

17 Mar 2016

Tax | Budget 2016: what you need to know about reduction in capital gains tax rates

Gill Tallon, partner and private client specialist at Mercer & Hole, examines the impact of the surprise reduction in capital gains tax (CGT) rates in Budget 2016, considering options for investors to review their tax liability, plus the impact on distributions from offshore trusts

17 Mar 2016

Tax | Budget 2016: changes to company car tax and boost for classic cars

There is good news for classic car owners in this year’s Budget, as the government is to introduce legislation to put the exemption from Vehicle Excise Duty (VED) for older cars on a permanent basis, so that from 1 April each year vehicles constructed more than 40 years before the 1 January of that year will automatically be exempt from paying the tax

17 Mar 2016

Tax | Budget 2016: air passenger duty set to rise by inflation

Airline operators’ and travel agents’ hopes that the Chancellor would use his Budget to declare a cut in the rate of air passenger duty (APD) have been dashed, with the announcement that for the tax years 2016 to 2017 and 2017 to 2018 the levy will increase in line with the Retail Price Index (RPI), as previously announced

17 Mar 2016

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Personal Tax

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Tax | Budget 2016: CGT exemption limit on employee shareholders

There is to be a lifetime limit of £100,000 on the Capital Gains Tax (CGT) exempt gains that an individual can make on the disposal of shares acquired under employee shareholder agreements as part of moves to clamp down on tax evasion announced in the Budget

16 Mar 2016

Tax | Budget 2016: Class 2 NICs abolished for self-employed

As trailed and extensively consulted on after the Autumn Statement last November, the Chancellor confirmed plans to cut national insurance contributions (NICs) for 3.4m self-employed people, by abolishing Class 2 National Insurance from April 2018

16 Mar 2016

Tax | Budget 2016: insurance premium tax up 0.5%

Despite speculation that the tax on insurance premiums could be a target in his latest Budget, Chancellor George Osborne has announced that the hike will be lower than anticipated, at 0.5%

16 Mar 2016

Tax | Budget 2016: Lifetime ISA to encourage under 40s to save

In his Budget, the Chancellor has announced an increase in the existing ISA limit to £20,000 and the launch of a new product, the flexible Lifetime ISA, which will allow those aged under 40 to save up to £4,000 each year and receive an additional 25% bonus from government, although there are criticisms that it adds to saving complexity

16 Mar 2016

Tax | Budget 2016: ‘sharing economy’ tax reliefs

Saying that this was a Budget ‘for the digital age’, Chancellor George Osborne has announced new tax reliefs for individuals using online services such as eBay and Airbnb to earn income in the fast-growing sharing economy

16 Mar 2016

Tax | Budget 2016: higher rate personal threshold raised to £45k

In his Budget speech, Chancellor George Osborne announced a much-trailed rise in the higher rate threshold for 40% rate taxpayers while the basic tax-free allowance will also rise in 2017

16 Mar 2016

Tax | US chasing $130m in undeclared offshore accounts in Cayman Islands

Two financial institutions based in the Cayman Islands have pleaded guilty in a US court to helping US taxpayers hide more than $130m (£92m) in offshore accounts in order to evade taxes, and could be forced to reveal the names of account holders, in the first conviction of a non-Swiss financial institution

16 Mar 2016

Tax | Taxpayers fail to apply for marriage allowance tax break

Low take-up of the marriage allowance means that married couples and civil partners are missing out on £212 of tax for the current tax year, the measure which was launched by the government in March 2015 but has failed to attract much interest from taxpayers

14 Mar 2016

Tax | Dividend taxation: how the new tax regime will affect owner managers

Peter Rayney FCA CTA explores how the new dividend regime coming into force in April will affect tax liability with tips and advice for owner managers in light of the introduction of a fixed £5,000 annual dividend allowance this year

11 Mar 2016