Tax Plus Blog - Capital gains tax
Key tax deadlines (June - August 2010)
Date: 1st June, 2010 | Author: Barry Hallam | Comments: 0
Below are some key upcoming tax deadlines that you may need to consider. These dates cover the period June – August 2010. 19 June 2010 - PAYE and NIC due for the month ended 5th June 2010. Submit Construction Industry Scheme return for the month ended 5th June 2010. 5 July 2010 - Final date for agreement of 2009/2010 PAYE Settlement Agreements. 6 July 2010 - Final submission date for returns of expenses and benefits (forms P11D and P9D) for the year ended 5th April 2010. Relevant employees to be provided with copies of forms P11D and P9D. 6 July 2010 - Submission date for annual share...
Warning for Offshore Trusts
Date: 4th March, 2008 | Author: Barry Hallam | Comments: 0
A recent decision from the Special Commissioners has highlighted the fact that UK advisers should not take too much of a hands on approach with regard to offshore trusts. The particular case (Trustees of the Trevor Smallwood Trust and HMRC) involved a tax scheme to avoid UK capital gains tax. Briefly the facts were: A Jersey trust held shares that were pregnant with gain which would have been assessed on the UK resident settlor if they were realised. On the advice of UK tax advisers new trustees were appointed who were resident in Mauritius. The plan was that the...
Further Climb-down on Non-Dom Tax Changes
Date: 25th February, 2008 | Author: Lisa Spearman | Comments: 2
The Telegraph is reporting a further climb-down on the proposed changes. According to senior HM Revenue and Customs officials. “…non-doms will now be able to elect to make a "deemed sale" to rebase the value of their British and overseas assets.” This appears only to relate to assets held with in offshore trusts and seems to have arisen following the letter from Dave Hartnett which stated… “….there will be no retrospection in the treatment of trusts and the tax changes will not apply to gains accrued or realised prior to the changes coming into...
Inter-spouse transfers and the banking of indexation
Date: 25th February, 2008 | Author: Lisa Spearman | Comments: 12
My fellow partner and renowned tax lecturer Robert Jamieson has provided me with the following note about “banking” indexation allowance ahead of the new capital gains tax rules which come into force on 6 April 2008. Shortly after the Chancellor’s announcement that he was abolishing the indexation allowance for individuals with effect from 6 April 2008, tax advisers realised that clients who had accrued substantial indexation up to April 1998 could, in many cases, ‘bank’ the relief by making a simple inter-spouse transfer of the relevant asset before 6 April 2008. Following the no gain no loss transfer under S58 TCGA 1992,...
Capital Gains Tax planning point - ends 5 April 2008
Date: 30th January, 2008 | Author: Lisa Spearman | Comments: 0
Please find below a piece from Cathy Corns posted on our sister blog SME Plus Blog. HMRC has recently confirmed one very important point on assets that have been owned for a number of years. Such assets will have accrued a substantial amount of indexation relief (over 100% to date on assets held on 31 March 1982). Where an individual owns such assets on 5 April 2008 the indexation relief is irretrievably lost. However HMRC have now confirmed (http://www.hmrc.gov.uk/cgt/faqs-cgt-reform.htm) that where an asset is transferred to a spouse or civil partner on a no-gain no-loss transfer the...
The Capital Gains Tax changes - stop press
Date: 24th January, 2008 | Author: Lisa Spearman | Comments: 0
The following was posted on SME Plus blog regarding today's announcement by the Chancellor. The Chancellor has just announced a new capital gains tax relief for entrepreneurs to ameliorate the effect of the new 18% flat rate that comes into force from 6 April. The relief will be targeted to the owners of small businesses as well as employees and directors who, very broadly, hold at least 5% of the shares in a trading company. The relief is said to apply on the sale of the shares. The relief reduces the tax rate on the first £1 million gains but as a...
Not this week Darling…
Date: 17th January, 2008 | Author: Barry Hallam | Comments: 0
Following reports of further meetings with business leaders it now seems that Mr Darling’s long delayed announcement regarding the capital gains tax regime will not now appear until next week according to the FT. We are also still waiting for the draft legislation for the new Residence and Domicile rules. In a little over 10 weeks both sets of new rules are due to take effect and the uncertainty makes it very difficulty to plan. ...
While we are waiting…
Date: 10th January, 2008 | Author: Barry Hallam | Comments: 0
Although January is traditionally the busiest time of year for tax professionals we are eagerly awaiting further details on the proposed changes in the rules for Residence, Domicile and Capital Gains which are rumoured to be available next week. ...
Government floats CGT concessions
Date: 18th December, 2007 | Author: Barry Hallam | Comments: 0
It is being reported by the Daily Telegraph that the Government is considering a number of options relating to concessions on the new capital gains tax regime. One of these seems to be the ability to “opt for a deemed sale” before 5 April 2008 to lock into the favourable business taper and indexation relief. Presumably this would be a way of crystallising a gain without resorting to such devices as trusts. ...
Darling Delays Capital Gains Revisions to New Year
Date: 13th December, 2007 | Author: Barry Hallam | Comments: 0
It is being reported that Chancellor Alastair Darling will not be able to announce his revised proposals in the three weeks that had been promised. He told MPs today: "It is not now going to be possible to conclude that process until the New Year," This is because he needed more time to study various, differing representations. ...
