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Sarah Laing CTA looks at the facts, background and implications of the proposed new capital gains tax entrepreneurs' relief.Sarah LaingA new reliefFollowing an exorbitant amount of pressure from business representatives and professional bodies across the UK, the Government beat an embarrassing retreat over plans to introduce a single rate capital gains tax regime by announcing plans for a new relief aimed at small businesses. Whether coincidental or not who knows, but the Government chose the ... Continue Reading

Amer Siddiq and Arthur Weller consider the 'pros' and 'cons' of a particular property investment strategy. IntroductionOver recent months it has come to our attention that a tax strategy referred to by us as ‘never sell a property means no taxes’, has started to get mentioned on various discussion /forum/s, with people saying that this is the solution to all the investor’s tax problems.In this article, Arthur and I will discuss the merits and potential pitfalls of ... Continue Reading

The Chartered Institute of Taxation (CIOT) has published a policy paper seeing out its thoughts on what a Taxpayers’ Charter might look like.The Government recently announced that HMRC will be "...taking forward work with interested parties to develop a Taxpayers' Charter”. The CIOT has long argued for a Taxpayers’ Charter as a way of improving relationships between taxpayers, tax advisers and revenue authorities and has confirmed it wishes to be ... Continue Reading

HMRC have published Brief 13/08, which announces that the data already collected for VAT Intrastat purposes may be used by HMRC for other purposes.The new rules will not require businesses to provide any additional information. Although it applies to those businesses which supply or acquire EC goods over the (current) annual threshold of £260,000 (net of VAT and Excise duty) and which are therefore required to submit monthly ‘Intrastat declarations’, these businesses need take ... Continue Reading

HMRC have launched a campaign to help students manage tax better and develop good financial habits.The Student Tax Advice campaign will be promoted with a Student Tax Aware Week which runs from 3 to 10 March 2008. Commenting on the campaign, Jane Frost, Director of HMRC Individuals Customer Unit said:"With three quarters of students working it's vital they understand they have the same responsibilities as everyone else for their tax and national insurance. "This campaign will make dealing ... Continue Reading

HMRC have confirmed that the official rate of interest will remain unchanged for 2008-09.The income tax paid by an employee on a cheap or subsidised loan provided by their employer is based on the difference between the interest rate actually charged and what is known as the 'official rate' of interest. At present the official rate is 6.25% and HMRC have confirmed that this will be frozen for the 2008-09 tax year, subject to review in the event of significant rate changes.LinkHMRC interest ... Continue Reading

Mark McLaughlin CTA (Fellow) ATT TEP provides a brief overview of the proposed new rules on income shifting. Mark McLaughlinUnfit for purpose The President of the Chartered Institute of Taxation, Rob Ellerby, recently protested to the Government in a strongly-worded letter that the proposed new rules on ‘income shifting’ were not “fit for purpose”. Upon reviewing the draft legislation and HMRC’s guidance notes, in my opinion it is difficult to reach an alternative view.The ... Continue Reading

The Government's proposed changes to the VAT tribunal structure is bad news for small businesses and their advisers says Steve Allen, Director of VAT Solutions (UK) Ltd. Steve AllenAmalgamating the appeal servicesThe Ministry of Justice has been reviewing the operation of the Tribunals services across the board, but of particular interest to taxpayers will be the review of the VAT & Duties Tribunals, the Commissioners, and Special Commissioners.In light of the amalgamation of the former Inland ... Continue Reading

Car fuel benefit rates will rise from 6 April 2008.The Car Fuel Benefit Order 2008 (SI 2008/511) comes into force on 6 April 2008 and increases the figure used to calculate the cash equivalent of the benefit of car fuel received by employees from £14,400 to £16,900.LinkSI 2008/511 Explanatory Memorandum  Continue Reading

New rates of interest covering quarterly instalment payments and early payments of corporation tax not due by instalments, in respect of accounting periods ending on or after 1 July 1999 took effect from 18 February 2008.The new rates, which are a result of the recent movement in market rates, are as follows:The rate of interest charged on underpaid instalment payments of corporation tax changes from 6.5 per cent to 6.25 per cent. The rate of interest on overpaid instalment payments of corporation ... Continue Reading