Tower Bridge Tax Practice
Recent Tax News
A list of recent tax news in pdf format.
EU State Aid approval for enterprise management incentives (EMIs) and the EMI scheme expired on 6 April 2018. Therefore no further EMI can be issued until a fresh EU approval is granted. EMIs already granted prior to the 6 April 2018 should not be affected, but going forward no tax reliefs will be granted on options which are purported to be EMIs. This is a pity as an EMI has considerable advantages over options granted under the other HMRC ‘approved’ schemes, namely options granted under CSOPs, SAYEs and SIPs. No confirmation from HMRC has been published as to why EU approval has not been renewed other than to say that the government is working hard to ensure the period awaiting fresh approval is as short as possible.
Depending on what any renewal from the EU provides, any EMIs granted after the 6 April 2018 may or may benefit from tax reliefs. The provisions under the EMI legislation provided that, so long as the exercise price of the options was at least the market value of the shares at the date of grant, then no income tax would arise on the date of exercise on the difference between the market value at the date and the exercise price. The conditions for the grant of an EMI were extremely flexible and intended to provide employee incentives for employees in small to medium sized trading companies. HMRC advise that companies may wish to consider delaying the grant of employee share options intended to qualify as EMI share options until fresh EU State Aid approval has been given.
A number of changes to tax reliefs and rates, affecting individuals and corporates, and including rises in SDLT.
Budget tax rates and allowances.
The July 2015 Budget Statement came out with a few surprises and a number of changes.
A number of changes to rates and allowances.
This note briefly highlights legislative changes in the Finance Act 2015.
The Finance Act 2015 has provided new tax rates, allowances and reliefs
Whether or not all changes announced in December 2014 will come into force, in view of the May 2015 election, nevertheless the new provisions are of importance
The Chancellor brought in a number of new measures including changes to ISAs and pensions. Attached is a short summary of the newly announced measures and are in addition to those announced in December 2013 in the Pre-Budget Review.
Attached is a summary of the current and future rates and allowances announced in the March 2014 Budget.
A summary of new legislative provisions announced in December 2013 are provided in the attached file.
The new tax rates and threshold are set out in the attached file
The budget 2013 has provided a few more details of tax rates and allowances
Some small changes to income tax thresholds and a lower rate of corporation tax starting in 2014.
There are major changes to SDLT for residential properties with values over £2 million as well as a 15% rate when such properties are held in special purpose vehicles. The changes come into effect on 21 March 2012. In addition CGT will apply to gains on disposals by non-UK resident non-natural persons, following consultation. See full details of these changes as well as others.
See the attached tables for details of all changes going forward to 2013 – 2014.
The attached article, published in the November edition of The Tax Adviser considers this issue.
This article sets out the main rules relating to this relief – namely where an individual is exempt from any capital gains tax on the sale of his or her main residence. However there are a number of rules which people should be aware of
The new rates of tax and allowances can be accessed by downloading the following table
The Budget under the new coalition government came as no surprise in respect of VAT and the increased personal allowances. Changes to corporation tax over the next four years, and to capital allowances were new. Read more as follows.
Speculation on what a forthcoming finance bill may bring includes increased rates for capital gains and VAT and changes to tax reliefs. Whilst the Finance Act 2010 spared taxpayers from harsh tax increases it is unlikely that the next Finance Act will be as mild.
Announced in the 2010 Budget – read more