As part of his plans to promote growth in the economy, Chancellor Kwasi Kwarteng announced changes to the Annual Investment Allowance (AIA) in his mini-budget on 23 September 2022.
SME Tax News
In his mini-budget on 23 September 2022, Chancellor Kwasi Kwarteng, announced two reductions in the rate of Income Tax. [This was reversed on 17 October 2022 by the new Chancellor Jeremy Hunt.]
Chancellor Kwasi Kwarteng announced a reversal of the planned increase in Corporation Tax in his mini-budget on 23 September 2022. [This proposal was reversed by the Prime Minister on 14 October 2022]
In his Mini-budget 2022, Chancellor Kwasi Kwarteng announced that the rate of dividend tax will be reduced to its pre-April 2022 rate from 2023. [This was reversed on 17 October 2022 by the new Chancellor Jeremy Hunt.]
Live highlights of announcements made in the Mini-Budget 2022, held on 23 September 2022 by Kwasi Kwarteng, Chancellor of the Exchequer.
The Chancellor, Kwasi Kwarteng, announced prior to his mini-budget in September 2022 that the rise in National Insurance Contributions (NICs) rate of 1.25% which was introduced on 6 April 2022, will be reversed from 6 November 2022. The decision to reverse the increase is part of a package of measures aimed at reducing tax rises introduced by the government in recent years.
Hello,
This time, a new Energy Bill Relief scheme for business, new thinking on cryptoasset tax, the outcome to another case where goodwill was overvalued on incorporation and news of tomorrow's mini-budget.
In HMRC v Mr Neil and Mrs Sharon Pickles [2022] UKUT00253, the Upper Tribunal (UT) found a distribution arose when an asset was transferred in excess of its market value on incorporation. The value of the distribution was the benefit received by the taxpayer over and above the market value of the asset transferred.
In their responses to HMRC consultation on Cryptasset taxation, both the Institute of Chartered Accountants of England and Wales (ICAEW) and Chartered Institute of Taxation (CIOT) call for total re-think on the taxation of cryptoassets in the UK.
In The Quentin Skinner 2015 Settlements v HMRC [2022] EWCA Civ 1222, the Court of Appeal (CoA) found that Entrepreneurs’ Relief was due on the sale of shares by a trust. The individual did not have to be a qualifying beneficiary throughout the one-year period when the personal company condition was met, only at the time of disposal.