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TaxationWeb by Matthew Hutton MA (Oxon) FTII AIIT TEPThe application of FA 2004 Sch 41 to various land transactions involving partnerships is presenting some difficult and urgent issues. The following article is based on Notes by Matthew Hutton's Lecture Notes for his full-day Conference on Stamp Duty Land Tax.The next conference on Stamp Duty Land Tax is due on Tuesday, 28th September 2004 (for forthcoming conferences, visit www.taxationweb.co.uk/events) in London, at the Law Society in Chancery ... Continue Reading

TaxationWeb by Jennifer AdamsJennifer Adams, Editor of TaxationWeb’s Capital Taxes section, considers what investors can do to improve the tax position on their share portfolios.When taxpayers come to pull together the information necessary to complete their personal Income Tax Return forms for the year 2003/04 they could be in for a shock. For the last couple of years we have been so used to the pages headed "Capital Gains" either being left blank or noting a loss to carry forward that it may ... Continue Reading

TaxationWeb by Philip McNeill, TaxAidIndividuals on relatively modest incomes could face an unexpected tax bill when they sell the family home in certain circumstances. Philip McNeill of the Charity TaxAid outlines the potential tax relief and pitfalls for those selling their only or main residence.For many people on a modest income, the house they live in is their only substantial asset. Private Residence Relief means that Capital Gains Tax should not be due when the house is sold. However, for ... Continue Reading

TaxationWeb by Peter Arrowsmith, FCAHaving received Royal Assent as long ago as 13 May, the first provisions of this legislation only come into effect on 1 September 2004. This article covers an outline of the provisions of this obscure Act.Having received Royal Assent as long ago as 13 May, the first provisions of this legislation only come into effect on 1 September 2004. An outline of the provisions of this obscure Act follows – Sections 1, 3, 5, 7 and 9 of the Act relate to Great Britain; ... Continue Reading

TaxationWeb by Jennifer AdamsJennifer Adams outlines some options for obtaining tax relief potentially availiable to those with a capital loss.Timing is key when you buy and sell capital assets and although the property market in particular is showing hefty gains, gains may not be present if you purchased at the wrong time on the stock market. Every day investors are waking to news of Company Profit Warnings and reading business journalists views that the country is heading for recession. Therefore ... Continue Reading

Busy Practitioner by Mark McLaughlin ATII TEPMark McLaughlin ATII ATT TEP outlines a one-off key tax deadline and outlines a new facility for individuals to give tax repayments to charity via the self-assessment tax return.A forthcoming, ‘one-off’ deadline is relevant to many more practitioners than originally anticipated. 6 September 2004Practitioners should now be familiar with form 42, dealing with transactions involving shares, certain other securities or options acquired in connection with ... Continue Reading

VAT Voice by Steve AllenSteve Allen, Director of VAT Solutions (UK) Ltd, describes what VAT can be reclaimed on costs incurred in respect of a new business venture, before a company is even formed.You are starting a new business venture, and decide to run it through a new limited company. But you are starting to incur costs before the company has even been formed, let alone registered for VAT. So what happens to all the VAT you are incurring? The sort of costs you are likely to incur before incorporation ... Continue Reading

TaxationWeb by Arthur Weller and Amer SiddiqProperty Tax Specialist, Arthur Weller and Property Investor, Amer Siddiq explain the different types of interest repayment for property investors, and when interest can and cannot be offset against rental income.In this strategy you will learn about the different types of interest repayments that property investors may come across. More importantly, you will understand when each of these types of interest can and cannot be offset against your rental ... Continue Reading

Busy Practitioner by Mark McLaughlin ATII TEPMark McLaughlin outlines some forthcoming key deadlines and topical practice points for accountants and tax practitioners, including the introduction of new rules for the disclosure of avoidance schemes.The summer holiday period includes some important dates for Self-Assessment taxpayers and also for others, and these are outlined below. 31 July 2004The 2003/04 second payment on account of income tax (and Class 4 National Insurance contributions, if ... Continue Reading

TaxationWeb by Arthur Weller and Amer SiddiqProperty Tax Specialist, Arthur Weller and Property Investor, Amer Siddiq outline a very useful tax relief relating to the home.In this strategy you will become familiar with the extremely powerful private residence relief. This allowance on its own can wipe out tens or even hundreds of thousands of pounds of your capital gains tax bill. What is Private Residence Relief?This relief is available to you if you have lived in a property that has been classed ... Continue Reading