Tax Plus Blog

• Pre-Budget Report 2009 - bankers' bonuses the race is on

  As mentioned in my earlier post it is expected that large bonuses paid to bankers will be hit by today's Pre-Budget Report. [...]
  Share | Rate | Archive

  Posted: December 09, 2009, 6:47am EST
  

• Pre-Budget Report 2009 - Northern Rock restructuring

  Ahead of tomorrow's Pre-Budget Report the Treasury has announced the restructuring of Northern Rock. [...]
  Share | Rate | Archive

  Posted: December 09, 2009, 4:15am EST
  

• Pre-Budget Report 2009 - bankers' bonuses to be hit?

  It is been widely reported that bonuses paid to bankers are going to be hit in the Pre-Budget Report. [...]
  Share | Rate | Archive

  Posted: December 09, 2009, 3:45am EST
  

• Pre-Budget Report 2009 - do we need a Pre-Budget Report?

  With all the speculation about the contents of Alastair Darling's Pre-Budget Report (PBR) tomorrow The Guardian is questioning the purpose of the PBR. [...]
  Share | Rate | Archive

  Posted: December 08, 2009, 12:30pm EST
  

• Pre-Budget Report 2009 - many more to pay 40% tax?

  The online version of The Daily Mail is predicting that many more people will be paying tax at the higher rate of 40% following tomorrows Pre-Budget report. [...]
  Share | Rate | Archive

  Posted: December 08, 2009, 10:01am EST
  

• Pre-Budget Report 2009 - countdown to Chancellor Alistair Darling's Pre-Budget Report 2009

  Chancellor Alistair Darling will deliver his Pre-Budget Report 2009 at 12.30pm on Wednesday 9 December 2009. Stay in touch with our blogs during and after the Chancellor's speech to find out what is actually announced. [...]
  Share | Rate | Archive

  Posted: December 08, 2009, 7:11am EST
  

• Non disclosure opportunity

  Non disclosure opportunity, HMRC has announced that it has extended its deadline from 30 November to 4 January 2010. [...]
  Share | Rate | Archive

  Posted: December 07, 2009, 5:14am EST
  

• HMRC extends tax credit for foreign dividends

  With effect from 6 April 2008 it is possible to have a 1/9th tax credit on a dividend from a foreign company (provided you do not own more than 10% of the company). [...]
  Share | Rate | Archive

  Posted: December 04, 2009, 5:07am EST
  

• Pre-Budget Report 2009 - Capital Gains Tax

  It has been thought for some time that the rate of Capital Gains Tax (CGT) must increase to reduce the difference between it and the top rates of income tax. [...]
  Share | Rate | Archive

  Posted: December 01, 2009, 7:57am EST
  

• Pre-Budget Report 2009 - Tories set date for next year's (second) Budget

  Even before the Chancellor's Pre-Budget Report 2009 on 9 December the Conservative Party has indicated that they will have an 'emergency' Budget within fifty days of winning the general election next year. [...]
  Share | Rate | Archive

  Posted: November 24, 2009, 4:17am EST
  

• Pre-Budget Report 2009 - Equitable liability saved - announcement in Pre-Budget Report?

  The CIOT has now heard from HMRC that they will be legislating 'at the earliest opportunity' to retain the practice. Perhaps there will be a formal announcement in the Pre-Budget Report on 9 December. [...]
  Share | Rate | Archive

  Posted: November 19, 2009, 5:05am EST
  

• Eurobonds held in international settlement systems

  There are some unusual points about immobilised securities, such as Eurobonds that have led to some surprising UK tax consequences [...]
  Share | Rate | Archive

  Posted: November 19, 2009, 4:34am EST
  

• Pre-Budget Report 2009 - Chancellor's statement announced for Wednesday 9 December 2009

  Pre-Budget Report 2009 - statement announced for Wednesday 9 December 2009. Chancellor Alistair Darling has confirmed that he will make his Pre-Budget Report statement on Wednesday 9 December 2009. [...]
  Share | Rate | Archive

  Posted: November 10, 2009, 6:03am EST
  

• Pre-Budget Report 2009 prediction

  The 2009 Pre Budget Report will not contain any shockers ahead of the General Election next year. My own 2009 Pre-Budget Report prediction... [...]
  Share | Rate | Archive

  Posted: November 06, 2009, 9:32am EST
  

• Mansworth v Jelley - a change of heart...

  There was a rather odd tax case on share options which led to the situation in which, on the exercise of share options, subject to income tax, followed by a sale of those shares, there was an effective double counting of the base cost. [...]
  Share | Rate | Archive

  Posted: September 25, 2009, 7:27am EDT
  

• Mercer & Hole partner Helen McKie recognised as one of the 'Top 35 Under 35' advisers

  Congratulations go to Helen McKie on being recognised as one of the Top 35 Under 35 advisers in Private Client Practitioner's listings [...]
  Share | Rate | Archive

  Posted: September 07, 2009, 5:19am EDT
  

• HMRC goes public on offshore disclosure opportunity

  HMRC formally provided details of its second tax amnesty on Tuesday of this week. After all of the leaks there are few surprises [...]
  Share | Rate | Archive

  Posted: July 31, 2009, 5:32am EDT
  

• Car 'scrappage' scheme

  Car 'scrappage' scheme. The Government's new temporary scheme to boost the flagging new car market has brought with it a number of potential VAT issues for manufacturers, dealers and customers alike. [...]
  Share | Rate | Archive

  Posted: July 15, 2009, 12:55pm EDT
  

• Government moves position, slightly, on pension contributions

  This year's Budget proposed changes to the regime for tax relief on pension contributions. [...]
  Share | Rate | Archive

  Posted: July 13, 2009, 5:28am EDT
  

• Americans with foreign bank accounts, doing business in the US - do you need to make an FBAR report?

  With America getting tough on tax haven abuse the authorities in Washington are tightening up on the reporting (to the US Treasury) of the existence of non American bank accounts held by United States persons. [...]
  Share | Rate | Archive

  Posted: May 22, 2009, 8:52am EDT
  

• Budget 2009 - Furnished holiday lets - bad news and (a little) good news

  Currently, let properties in the UK, which fulfil the conditions, attract a beneficial tax treatment which means that the profits are counted as earnings for pension purposes and losses can be offset against other income. [...]
  Share | Rate | Archive

  Posted: April 22, 2009, 12:47pm EDT
  

• Budget 2009 - Remittance basis...minor amendments

  Following the significant changes to the taxation of non domiciled UK residents in last year’s Finance Act, today’s Budget note introduces some minor changes to the rules – and they are minor. The most helpful is the extension of the... [...]
  Share | Rate | Archive

  Posted: April 22, 2009, 12:38pm EDT
  

• Budget 2009 - VAT

  It was a fairly uneventful VAT budget. The Chancellor confirmed that the standard rate of VAT will revert back to 17.5% on 1 January 2010 as previously announced. Draft “anti forestalling” legislation has already been published and will be introduced... [...]
  Share | Rate | Archive

  Posted: April 22, 2009, 12:31pm EDT
  

• Budget 2009 - Tax rates

  Currently income is taxable at either the basic rate of 20% on taxable income up to £37,400 and the higher rate to taxable income over that level. [...]
  Share | Rate | Archive

  Posted: April 22, 2009, 12:17pm EDT
  

• Budget 2009 - Budget statement...what is in store?

  With less than a week until Chancellor Alastair Darling's second Budget statement the speculation as to what may be announced on Wednesday 22 April 2009 is mounting.' [...]
  Share | Rate | Archive

  Posted: April 17, 2009, 12:26pm EDT
  

• Non Doms - further guidance issued

  HMRC have now published the promised detailed guidance on the taxation of Non Domiciled UK Residents and the Remittance Basis following the changes in last year’s Finance Act 2008. The guidance can be found on the HMRC Website and runs... [...]
  Share | Rate | Archive

  Posted: April 01, 2009, 11:30am EDT
  

• Non Doms to have their tax affairs centralised - be prepared for a challenge.

  In advance of this year's Budget which is expected to make some changes to the complex new rules for Non Domiciled UK Resident individuals (Non Doms),' [...]
  Share | Rate | Archive

  Posted: March 26, 2009, 11:16am EDT
  

• Time limits reduced

  As reported last year the 2009 Finance Act contained provisions to reduce various tax related time limits from 6 years to 4 years. At the time it was not known when this would come into effect. The Government have now... [...]
  Share | Rate | Archive

  Posted: March 05, 2009, 7:44am EST
  

• Budget 2009

  The Chancellor will make his Budget statement on Wednesday 22 April 2009. We will be providing analysis of Budget announcements on the day.... [...]
  Share | Rate | Archive

  Posted: February 12, 2009, 10:01am EST
  

• Taxman closes another tax avoidance scheme

  HMRC Revenue & Customs announced that they are taking steps to close a "highly contrived" tax avoidance scheme. [...]
  Share | Rate | Archive

  Posted: January 13, 2009, 6:16am EST
  

• HMRC to accept credit cards

  Effective from 9 December 2008 taxpayers can settle their self-assessment tax bills by credit card (for an extra fee of 1.25%). [...]
  Share | Rate | Archive

  Posted: January 06, 2009, 11:34am EST
  

• Pre-Budget Report 2008

  The Chancellor delivered his Pre-Budget Report on 24th November 2008. Our Partners and Managers posted a number of blogs in relation to the 2008 Budget announcement – on both SME Plus blog and Tax Plus blog. For concise, up-to-date and... [...]
  Share | Rate | Archive

  Posted: November 24, 2008, 3:03pm EST
  

• Pre-Budget Report 2008 - Penalties for late tax returns

  One of the many consultation documents that accompanied today’s Pre Budget report has indicated that HM Revenue & Customs would like to reform the penalty regime for the late submission of Self Assessment tax returns. Currently the £100 fine for... [...]
  Share | Rate | Archive

  Posted: November 24, 2008, 2:26pm EST
  

• Pre-Budget Report 2008 - Changes to trusts...trust Darling!

  Alastair Darling has announced increases to the dividend trust rate, and the trust rate of tax, effective from 6 April 2011. These tax rates apply to income within discretionary settlements. After the quite radical inheritance tax changes made by... [...]
  Share | Rate | Archive

  Posted: November 24, 2008, 2:11pm EST
  

• Pre-Budget Report 2008 - Pension Tax Relief...freeze on limits

  Today’s Pre Budget Report contains the news that both the lifetime and annual allowances for pension schemes will be frozen from April 2011. The lifetime allowance is due to be increased to £1.8 Million for 2010/20011 having being introduced in... [...]
  Share | Rate | Archive

  Posted: November 24, 2008, 2:08pm EST
  

• Pre-Budget Report 2008 - Tax rate for trusts to be increased

  Hidden in the detail of today’s Pre Budget report is the news that, from April 2011 the tax rate applicable to trusts will be increased from 40% to 45% and the dividend rate for Trusts will be increased from 32.5%... [...]
  Share | Rate | Archive

  Posted: November 24, 2008, 2:05pm EST
  

• Pre-Budget Report 2008 - Compensation for the loss of 10% band made permanent

  Alistair Darling, in his second Pre Budget Report, has announced that the measures introduced in September as compensation for the removal of the 10% tax rate will be made permanent. Initially the compensation, given by means of an, over inflation,... [...]
  Share | Rate | Archive

  Posted: November 24, 2008, 2:03pm EST
  

• Pre-Budget Report 2008 - VAT

  As widely reported, the PBR today has confirmed that the standard rate of VAT will be cut to 15% with effect from 1 December 2008. (The new VAT fraction to be applied to VAT inclusive prices will be 3/23). This... [...]
  Share | Rate | Archive

  Posted: November 24, 2008, 1:06pm EST
  

• Pre-Budget Report 2008 - Consultation documents...

  There are 8 Consultation documents issued alongside the PBR documents which are to a greater or lesser degree related to the new powers and penalties regime which comes in from 5 April 2009. [...]
  Share | Rate | Archive

  Posted: November 24, 2008, 12:52pm EST
  

• Pre-Budget Report 2008 - National Insurance to be increased

  Alongside proposed increases in income tax the Chancellor has announced increases in National Insurance Contributions (NIC) will be increased by 0.5% across the board from April 2011. This means that employers’ contributions will be increased to 13.3% and the main... [...]
  Share | Rate | Archive

  Posted: November 24, 2008, 12:49pm EST
  

• Pre-Budget Report 2008 - Top rate of income tax to be increased to 45%

  Chancellor Alistair Darling has announced in his Pre-Budget Report that the top rate of income tax is to be increased to 45% - but not until April 2011 and only on income over £150,000. This applies to income other than... [...]
  Share | Rate | Archive

  Posted: November 24, 2008, 12:41pm EST
  

• Pre-Budget Report 2008 - Income Shifting Rules...the dog that didn't bark...!

  One of the Press notices confirms that the rules on income shifting will NOT now be introduced in Finance Act 2009 despite their deferral from the 2008 Bill. [...]
  Share | Rate | Archive

  Posted: November 24, 2008, 12:34pm EST
  

• Pre-Budget Report 2008 - Non doms update

  Not all Bad News: Interestingly, the withdrawal of personal allowances for those with income over £140,000 means that non domiciliaries claiming the remittance basis now have a bit less to lose – they will be in the same position as... [...]
  Share | Rate | Archive

  Posted: November 24, 2008, 12:20pm EST
  

• Pre-Budget Report 2008 - The Speculation Mounts!

  Alastair Darling's second Pre Budget Report (PBR), the speculation as to what may be announced is mounting. Monday 24 November 2008.' [...]
  Share | Rate | Archive

  Posted: November 18, 2008, 11:42am EST
  

• High Court Overturns Special Commissioners Decision in the Grace case

  The High Court has overturned a Special Commissioners decision in the case of Commissioners of Revenue & Customs v Grace. According to Taxation magazine this is the first time in 100 years that the court has overturned a Special Commissioner’s... [...]
  Share | Rate | Archive

  Posted: November 13, 2008, 12:44pm EST
  

• Pre-Budget Report 2008 - Date announced

  The Pre Budget report will be on 24 November at 3:30pm according to the Treasury website.... [...]
  Share | Rate | Archive

  Posted: November 12, 2008, 11:10am EST
  

• Second Tax Amnesty - It's definitely on its way

  HM Revenue have confirmed to the Chartered Institute of Taxation, and other members of the Compliance Reform Forum, that there will be a second Offshore Disclosure Facility [...]
  Share | Rate | Archive

  Posted: November 12, 2008, 5:40am EST
  

• Pre-Budget Report 2008 - This Week?

  Gordon Brown has stated that the Pre Budget Report will be "in a few days". Alistair Darling is considering tax cuts to help people through the down turn. [...]
  Share | Rate | Archive

  Posted: November 10, 2008, 5:44am EST
  

• Reduction in time limit for repayment claims

  This is a general reminder that the period in which repayment claims can be made is to reduce from 6 years to 4 years. [...]
  Share | Rate | Archive

  Posted: October 31, 2008, 9:09am EDT
  

• Second Tax Amnesty - will it ever arrive?

  With a new Chief Executive, Lesley Strathie , in charge at HMRC a second amnesty might be one of her first announcements. [...]
  Share | Rate | Archive

  Posted: October 16, 2008, 12:04pm EDT