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gain from capital gains - principal private residence relief

11 Jan 11

Making sure you know what you need to know

Childcare vouchers

23 Mar 11

Not a new announcement here but something to think about! From 6 April 2011 there will be a reduction in the amount of tax-free vouchers you can receive if you are a higher rate or top rate tax payer.

Spofforths 2011 budget summary and tax cards

24 Mar 11

A summary of the 2011 Budget and a 2011/12 tax card available to download.

Payments on account

11 May 11

Some of you may be aware that if payments on account, under self-assessment, have been reduced, HM Revenue & Customs are allowed to charge a penalty as well as interest, if it is later decided they have been reduced too much.

art donations could reduce personal tax liabilities

4 Jul 11

I have just been reading an interesting announcement issued by the government at the end of last month. Individuals and non-corporate bodies who own works of art could soon benefit from donating these to the nation, with a reduction in their personal tax liability. This is an encouraging development from the reduction in Inheritance Tax already announced for donations from someones estate.

hmrc runs out of paper !

28 Jul 11

Did you receive your July statement from HMRC?

incentives for investors

12 Dec 11

The Chancellor announced a new wave of incentives for investors in new start-up companies during the Autumn Statement. The Seed Enterprise Investment Scheme – SEIS is aimed at investors who already use the well-known Enterprise Investment Scheme – EIS.

stamp duty land tax rate change

22 Mar 12

Like the rumours predicted, confirmation was given today in respect of changes to the rate of Stamp Duty Land Tax (“SDLT”). Where a property is purchased on or after 22 March 2012, for more than £2 million, SDLT will now be charged at a rate 7%. For properties of this value purchased through a limited company, the rate of SDLT to be applied is substantially higher at 15%.

relief for investors

22 Mar 12

In addition to the Seed Enterprise Investment Scheme (SEIS) announced in the Autumn Statement in November, George Osbourne detailed in the budget that the rules governing other schemes will be relaxed. In addition, the budget includes some encouraging increases in the amount of value an individual can be granted for share options in an Enterprise Management Incentive Scheme (EMI). This is proposed to encourage more employee ownership in smaller businesses.

spofforths advise on stamp duty land tax increase

9 May 12

We are providing tax advice to companies and partnerships with corporate members who have purchased residential properties for more than £2m as they are now being charged 15 per cent Stamp Duty Land Tax (SDLT). The Chancellor announced the increase, from 5 per cent, in his Budget on 21 March 2012 and it is important that the higher rate charge is taken into consideration by investors. However, there are exclusions for companies acting in their capacity as trustees for a settlement and property developers who meet certain conditions.

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