Budget 2018: the chancellor has announced that a new market value rule will apply in policy document 'Stamp Duty, Stamp Duty Reserve Tax transfers of listed securities and connected parties'.
SME Tax News
Budget 2018: the chancellor has announced that from 6 April 2020, non-UK resident companies that carry on a UK property business, or have other UK property income, will be charged to Corporation Tax.
Budget 2018: the chancellor announced new measures in Preventing the abuse of Research & Development Relief by SMEs.
Budget 2018: the chancellor has announced that the government will introduce a new Structures and Buildings Allowance (SBA) for new non-residential structures and buildings.
Budget 2018: the chancellor has announced changes to the higher rates of Stamp Duty Land Tax for additional dwellings clarifying a major interest and extending the deadline for submitting amended returns.
Budget 2018: the chancellor has announced two different changes to the definition of a personal company for Entrepreneurs Relief.
Budget 2018: the chancellor has announced that the public sector off-payroll working rules will apply to the medium and large businesses in the private sector from April 2020.
The chancellor increased personal tax allowances for individuals and increased the Annual Investment Allowance however he also restricted the scope of several valuable tax reliefs, including Capital Gains tax (CGT) Entrepreneurs' Relief and Private Residence Relief and R & D as well as introducing the off-payroll working rules to medium and large companies in the private sector.
In Katie Lo v HMRC [2018] TC06767 Private Residence Relief was denied and a discovery assessment allowed; the property was never occupied as the appellants residence and the discovery was not stale.
The chancellor, Philip Hammond presented his 2018 Budget on 29 October 2018. These are highlights of his live speech. Personal allowances cut from 2019. Restrictions to CGT Entrepreneurs' Relief, Private Residence Relief, R & D relief. Annual Investment allowance increased.