This time we are focusing on Transactions in Securities (TIS). I have long reckoned that it is exactly the sort of topic that we should all know a lot more about - but are too scared to ask. It's a bit like the Settlement legislation; we all knew that certain transactions were a concern but we chose not to look under the carpet. Then Arctic Systems hit us in the chops and the tax world changed...

Don't be put off by the mention of securities, think of transactions involving shares or loans instead and you get the picture. In recent years, we have seen various attempts by HMRC to use these anti-avoidance measures to counteract a range of transactions from marketed tax avoidance schemes to liquidations.

The income tax version of the TIS rules changed in the first Finance Act of 2010 and this may make clearance more difficult. My message to company advisers is simple: ignore these rules at your peril!

All the best

Nichola

Nichola Ross Martin FCA
Tax Director

www.rossmartin.co.uk
Your online Virtual Tax Partner: practical support for accountants, tax advisers and their clients

FREEview news summary

31 October SA paper filing deadline
A MUST READ summary for advisers, this covers dates, proof of posting/receipt and penalties.

The Spending Review
More cuts for HMRC and the expectation that more needs to be saved for retirement.

NAO report slams tax agents' work
The conclusion of this report is let down by its suspect methodology. The underlying message for advisers is clear: check your work.

PAYE crisis: adviser alert
HMRC now sending up to 80,000 calculations per week to clear backlog. Check repayments as well as overpayments. Older years likely to be written off.

Legal professional privilege: accountants 0 lawyers 2
Court of Appeal does not agree that accountants' tax work is protected by LPP. The Law Society is said to be happy with result. The ICAEW may continue to try and push the point.

New survey highlights agent difficulties in communication with HMRC
A small survey by the ICAS confirm what so many already acknowledge.

NMW: new rates and age limits
The rates changed on 1 October, with the main rate also changing to now include workers aged 21, and a new "apprentice rate".

New Guides and Updates

For PAID subscribers (because you are so special :)

What expenses can I claim? Living expenses
NEW: guidance for the self-employed. Want to write a life-style novel and claim tax relief for the costs of your life, or just live above the shop? Read on.

Transactions in securities
NEW: this is not tricky tax! Here we have an easy-to- follow guide covering the 2010 changes with detailed examples.

Transaction in securities: case studies
NEW: what better way to get a grip of this topic than to understand what bites and when?

Pensions: tax planning guides FREEVIEW
UPDATED: new rules from 2011 restrict tax relief on inputs.

An adviser's guide to Settlements
UPDATED: these are tax anti-avoidance rules which can easily catch out owner-managed businesses who remunerate using dividends. This is crammed full of examples, planning points and pitfalls, together with a summary of the leading tax cases.

Adviser's Tax Penalty Planner
UPDATED: new late filing penalties for CIS, SA and CT are all due to start this time next year. Have you discussed them with your clients, have you changed your letters of engagement?

Unlawful, illegal or ultra vires dividends
UPDATED: accidental directors' loans are a bottomless pit of (penalty) income: particularly when someone neglects to complete a P11D.

Practical Tax Toolkits (part freeview)

Our Practical Tax Toolkits include tax planning tips and advice, essential reading for advisers:

Toolkits for the self-employed
This includes our Tax Heathcheck

Toolkits for companies
From compliance to associated companies to profit extraction.

Share based incentives (part freeview)

Share scheme basics for small companies FREEVIEW
While company values are low a share scheme can be a very tax efficient method of rewarding staff. We explain the basics of an unapproved share scheme.

Enterprise Management Incentive (EMI) FREEVIEW
A share option scheme is ideal for smaller companies, providing that they qualify. Free-view

EMI: checklist
This does what it says on the wrapper.

Designing an EMI share option scheme
Our new guide to designing EMI Share Options Schemes is written specially for the smaller employer.

Buying and selling businesses

Capital Gains Tax: Entrepreneurs' Relief
UPDATED: for Finance (No 2) Act, a succinct guide for OMB advisers with planning points, pitfalls, worked examples.

Capital gains reliefs: disposal of business assets
UPDATED: new links and examples for incorporation.

Selling the business: deferred consideration and earn outs
UPDATED: is our love affair with loan notes over? An overview of the different tax consequences for the seller.

Loan stock: QCBs or non-QCBs? FREEVIEW
UPDATED: for Finance (No 2) a quickie guide for advisers.

Selling the business: where do I start?
A guide for you to discuss with your clients.

How to value a business
An advisers' guide that explores the different methods used for valuing private companies with worked examples.

Purchase of own shares – out of capital
Our unique guide explains the fiddly bits.

Tax planning for 2010/11
This is a rolling update for advisers

A selection of our favourites

Can I back-claim capital allowances on residential property? FREEVIEW
If your clients have been contacted by another firm in respect of unclaimed capital allowances then read on, this is how it all works.

Converting part of a home into an office
For the Self-Employed: the tax position is interesting from CGT to SDLT to VAT.

Converting part of a home into an office
For Directors: do you pay or does the company foot the bill? We examine the tax consequences.

Property profits and losses
This essential tax tool is an excellent source of online CPD. Download this onto your mobile, train staff, and of course brief your clients...More

Surplus cash CGT & IHT Relief and ESC C16
Company has large cash surplus: how does this affect Entrepreneurs' Relief, Business Property Relief, and what if you try and dissolve the company? Updated: for Finance Acts...More

Will I pay less tax if I trade via an LLP?
You might well do if you are otherwise contemplating tax at 50%.

NIC repayments on motoring allowances
Several of you say that clients have been sent a flyer by a leading firm of accountants, this quick guide explains the background.

Offshore bank account holders: last chance to use the LDF
HMRC is writing to account holders; you cannot use the LDF once it contacts you.

The Advisers' Guide to the PAYE Fiasco FREEVIEW

Our one-off special contains:

• A Summary of guidance to give to clients who are affected by PAYE by under or over payments
• PAYE deadlines
• ESC A19
• Overpayment relief
• NIC deadlines
• Links to LITRG

Hutton on Estate Planning - 3rd Edition

A short plug for Matthew Hutton. Hutton on Estate Planning is published in electronic and paper form, and is regularly updated. The cost of a 12-month subscription for up to 10 Users is just £199 plus VAT (electronic) or £49 plus £5 p&p (book). Have a look at www.hutton-estate-planning.co.uk. Special deals for our subscribers.

Virtual Tax Partner

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