In this week's newsletter we have an updated guide to all the CGT changes anounced in last week's Budget. Worth a quick read through. A key measure was the withdrawal of Entrepreneurs' Relief for some owners of corporate LLP members. This could catch a few people out, but hopefully not now that we have flagged it up. We also have our Budget 2015: At a glance.
Topping the news is that the Donaldson v HMRC FA 2009 Schedule 55 daily tax penalties case is heading for the Court of Appeal. As you may know the original appeal was made on the basis of a technicality after HMRC took a rather laid back approach to the rules. Temple Tax Chamber's Rebecca Murray represented the taxpayer pro-bono in the Upper Tribunal and I expect we will hear more in due course about the funding of the next leg of the appeal. However, as this is a test case of such huge public interest it would only be equitable for HMRC to foot the bill. In the meantime, review your daily penalty cases and make an appeal if necessary.
Those who were waiting to install their "Google beer fridges" on the introduction of a statutory trivial benefits rule from 6 April 2015 will have to sit back in thirst and wait a while longer. Following objections "from the Opposition", the measure has been removed from the Finance Bill 2015.
What else is new or interesting? Well, the way that you value listed shares will change from 6 April 2015; after this date you will take the closing price on the relevant day. On the same day inactive members of LLPs will be treated as self-employed earners for NICS (SI 2015/607).
Nichola Ross Martin FCA Tax Director
Your online Virtual Tax Partner®: practical support for accountants, tax advisers and their clients.
Budget 2015: at a glance
A concise guide to the key new measures and announcements
Bye bye Trivial Benefits
The end of the beer fridge? According to a written statment in Hansard, a number of clauses which had been intended for inclusion in Finance Bill 2015 have been deferred "as a result of discussions with the Opposition in the context of the end-of-Parliament wash up process".
Carry On: Appealing Daily Penalties
The saga of the sch 55 FA 2009 daily penalties continues: Mr Donaldon appeals to the Court of Appeal and the Upper Tribunal is concerned that some other assessments have been incorrectly raised. Have you checked your assessments based on their findings?
Entrepreneurs' Relief: all the latest changes
ER is a not unlike a post code lottery: unless you have taken the time to plan ahead and monitor all the changes you could find that you will only get it if you are in the right place at the right time
Essential reading - subscription content
Entrepreneurs' Relief: all the latest changes and more
NEW: update on the 18 March 2015 and 3 December 2014 changes, with examples and considering the impact of anti-avoidance rules on top of anti-avoidance rules (LLP rules v that old dinosaur, the Settlement provisions).
Pensions: what's new?
Our tracker summarises the various changes made over the last couple of years and includes those changes so far proposed for inclusion in the 2015 Finance Bill.
Tax planning for the 2014/15 year end
Our annual tax planning checklist for individuals
Finance Bill 2015: tax update and rolling planner
Visit this regularly in order to avoid feeling overwhelmed by the huge volume of new tax rules and regulations: our rolling tax update and planner sets out all the key measures, dates and deadlines for you.
Incorporating a business
If CGT Entrepreneurs' Relief is no longer available on transfers of goodwill on incorporations made on or after 3 December 2014, what are the alternative options? This practical tax guide takes you, asset by asset, through the steps of incorporation with worked examples to illustrate the interactions of different CGT and income tax relief.
Employers' NICs allowance
UPDATE: new 2015/16 rates and salary tables to show what salary to pay to maximise your allowances.
What expenses can I claim?
Come and visit this section: ideal for staff training. Expense by expense with top tips, examples and case law updates.
CGT: the different ways of taxing property in the UK
There some surprisingly different ways of taxing gains made on the disposal of UK residential property. A handy summary.
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