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Alcohol - excise duty;
to rise above inflation
Art
exhibited in the UK; a relaxation of the remittance rules
Avoidance of income tax using manufactured payments; HMRC’s
determination to clamp down on what they perceive as abusive tax avoidance
strategies
Entrepreneurs’ relief (Capital Gains Tax); legislation to reduce the
impact forthcoming changes
Changes to
HMRC inspection powers, penalties and debt collection; new inspection
powers
Child
Trust Fund: voucher requirement; simplification of the process
Concessions
- status confirmed; removal of any uncertainty over the legal status of
published HMRC concessions
Disclosure; simplification of
the administrative side of the DOTAS regime
Dividends received from non-UK resident companies; removal of a distinction
that may be discriminatory under EU Law
Double
taxation treaty abuse; HMRC close down a tax scheme
Employment related securities: deductible amounts; changes to capture
specific tax planning arrangements
Enterprise Management Incentives; Government is to exclude certain
companies from qualifying for EMI
Environmental taxes;
changes fall short of what many have been calling for
Fund
of Alternative Investment Funds; draft regulations provide some detail
on the operation of the FAIF regime
Income shifting - further consultation; should help ensure that final
legislation is more clearly targeted
Individual Savings Accounts and Northern Rock Bank; legislation will be
introduced to allow investors to reinvest
Inheritance tax and capital gains tax valuations; a sensible change to
prevent administrative confusion
Inheritance
tax and trusts; clarification on the inheritance tax treatment of
transitional serial interests
Inheritance tax - use of unused nil rate band; will give a significant
relief to married couples and those in civil partnerships
Offshore funds;
changes and continuing consultation are generally welcome
Pensions - technical
and administrative improvements; a number of relatively minor
improvements are to be made
Protecting tax
revenues and simplifying anti-avoidance legislation; a planned
continuation of the anti-avoidance strategy
Remittance basis - £30,000 annual charge; relaxation made to exclude
children from the charge
Remittance basis and personal allowances; loss of allowances and
exemptions may impact negatively on some tax payers
Remittance basis - closing loopholes; relaxations in relation to gifts
to family members and offshore mortgages
Residence and domicile: changes for employment related securities;
previously announced changes confirmed
Residence and domicile treatment of non resident trusts;
significant changes will be made to the draft legislation
Residency of individuals in the UK; the way in which days spent in the
UK are calculated changes again
Return to work
- income tax benefits; aim to encourage people on benefit to return to
work
Self employment
registration for NIC; simplification of processes welcome
Sideways loss relief for individuals; Government has now decided to
extend the legislation
Unauthorised
Unit Trusts - unintended consequences; a minor amendment will be made to
ITA 2007
Unclaimed assets
scheme; changes to ensure the operation of the Scheme is tax neutral
Vans provided by
employers; legislation to prevent double charging of tax to be
introduced
Venture capital
income tax relief schemes; the limit for income tax relief on
Enterprise Investment Scheme investments has been raised
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