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The Budget made an interesting change for property investors. The Finance Bill 2011 is introducing a reduction in stamp duty land tax payable for ‘bulk purchases’.

It was great to welcome the Gatwick Diamond Business Association and CADIA into our Horsham office for a pastries and networking event this morning.
It proved really popular and more than 50 businesses joined us to find out more about the impact the Budget announcements could have on them.

Lee-Ann Connor from the Gatwick Diamond congratulated Spofforths for being chosen as finalists in the 2012 Business Awards. It was a really nice surprise when she presented us with certificates to mark our achievement in two categories - The Award for Corporate Responsibility sponsored by THALES, and Business of the Year sponsored by pwc.

Chancellor George Osborne is set to deliver his Autumn Statement on Wednesday 5 December 2012 and we are preparing to review the impact new measures will have on businesses and individuals. The Statement will confirm government's plans for the economy, accompanied by the latest forecasts and analysis from the Office for Budget Responsibility.

In his Autumn Statement the Chancellor announced that Child Benefit rates would be frozen for the 2013/14 tax year, but will increase by 1% in the 2014/15 and 2015/16 tax years.

As we eagerly await the Chancellor’s Budget report on Wednesday 20 March Spofforths Tax Partner Bryan Elkins is preparing to review the announcements. He will be providing the Sussex media with an overview of the impact the Budget may have on businesses and individuals.

In the Budget the Chancellor confirmed the new ‘employee shareholder status’ which will give a Capital Gains Tax exemption on a future sale of shares. The exemption will apply to shares worth up to £50,000 when they are received, but with no limit on the ultimate proceeds received on sale of the shares. In order to get the benefit, employees will have to waive some of their employment rights.

From 1 January 2015 there will be changes to the place of supply rules in respect of telecommunications, broadcasting and electronically supplied services. Under the current rules, supplies made by a business in one member state to a non-business customer in another is subject to VAT where the supply belongs. From 1 January 2015 supplies of these services to non-business customers will be subject to VAT in the member state in which the customer belongs. Businesses will therefore have to account for VAT at the rate appropriate to the member state in which the customer is located.

The Chancellor has announced that the main rate of Corporation Tax will be reduced to 20% from 1 April 2015 meaning a single tax rate for companies in the UK.

It was announced that the government are to extend the Capital Gains Tax (‘CGT’) relief for reinvesting gains in SEIS shares to gains accruing in 2013/14.