In Mrs A v HMRC [2022] TC8640, the First Tier Tribunal (FTT) held that a compensation payment made to an employee who agreed not to pursue her grievances at the Employment Tribunal was fully taxable as a payment for a restrictive undertaking. The £30,000 termination payment exemption did not apply.
SME Tax News
HMRC have issued their Agent Update for November 2022. We have summarised the key content for you with links to our detailed guidance on the topics covered.
Hello
We are a little late off the press today so that we can include a summary of the Chancellor's Autumn Statement 2022. We also have summaries of other tax news and announcements for you.
The Chancellor, Jeremy Hunt has presented his Autumn Statement 2022. This is the UK's third fiscal event this Autumn. The Statement was accompanied by a report by the Office of Budget Responsibilities.
In his Autumn Statement 2022, the Chancellor, Jeremy Hunt announced changes to the Dividend tax allowance, the threshold for the Additional rate of income tax, the Capital Gains Tax annual exempt amount and Inheritance Tax bands and allowances.
Autumn Statement 2022 has been accompanied by a Consultation entitled 'Audio-visual tax reliefs' which seeks views on reforms to simplify and modernise the relief to support growth in the sector.
In the Autumn Statement on 17 November 2022, the Chancellor announced changes to the available R&D Tax Relief rates, in a move aimed at targeting abuse, increasing compliance and rebalancing the relief.
On 17 November 2022, the Chancellor, Jeremy Hunt, delivered his 2022 Autumn Statement which included a number of changes to motoring taxes. Electric vehicles will be subject to higher company car tax rates and, from 2025, will pay Vehicle Excise Duty in the same way as petrol and diesel vehicles.
In his Autumn Statement 2022, the Chancellor, Jeremy Hunt announced changes to business rates to further support businesses and the high street over the next five years and the scrapping of proposals to introduce an online sales tax.
Autumn Statement 2022 has been accompanied by a policy paper proposing changes to the share-for-share exchange provisions to treat non-UK companies as UK companies where certain conditions are met.