Autumn Budget 2021 – the tax Budget that never was!

You can never truly know the content of the Budget until the Chancellor has sat down and you get to grips with all of the publications generated by HM Treasury, even in this day and age, when numerous announcements are leaked to the press in the run up to the big day. Often those publications […]

Budget 2021 – corporation tax Groundhog day

The Chancellor has taken us back in time today with the increase in the rate of corporation tax.  Some of you may recall that before 1 April 2014, there were three corporation tax rates – the main rate, the marginal rate and the small profits rate.  This system is being re-introduced from 1 April 2023. […]

Budget 2021 – stamp duty land tax holiday continues

Last year, the Chancellor introduced a temporary increase in the threshold for which stamp duty land tax (“SDLT”) was payable on UK properties. Previously you would only pay SDLT on properties worth more than £125,000.  In July 2020, this threshold was temporarily increased to £500,000 and was due to end on 31 March 2021. In […]

Budget 2021 – COVID-19 support extended

The Chancellor has confirmed the extension of a number of measures designed to assist taxpayers to weather the economic and administrative problems caused by the extended COVID-19 lockdown. These measures are welcome but sadly reflect the fact that the impact of the virus has gone on far longer than the Government initially estimated. Furlough As […]

Budget 2021 – tax thresholds frozen but are fundamental changes on the horizon?

Rather than the much anticipated increase in capital gains tax rates, or even changes to business assets disposal relief (previously known as entrepreneurs’ relief), the Chancellor has instead decided to freeze income tax, capital gains tax and inheritance tax thresholds. The Chancellor acknowledged that the fairest route was to have the highest earning households contribute […]

Budget 2021 – what’s the meaning of a super-deduction?

During his speech, the Chancellor had everyone scratching their heads over his announcement of a super-deduction for investment – how super would it be, what is meant by investments and who would qualify? Now the wait is over, with the release of some further details – although we have to wait for the Finance Bill […]

Budget 2021 – greater flexibility to offset losses

A welcome extension to the loss relief provisions was announced today by the Chancellor in his budget speech. In summary, the extension will provide a three year carry back of trading losses crystallised in certain period for all businesses. Losses carried back under these provisions will be set against profits of the later years first. […]

No trading company – No problem?

Many company owners hope to claim business asset disposal relief (BADR) (formerly known as entrepreneurs’ relief) on an eventual sale of their shares, to benefit from the special capital gains tax rate of only 10%. The small print In most cases, the BADR provisions on a share disposal require that certain conditions are satisfied for […]

It’s a trust – but not as we know it!

Some individuals might assume that the creation of a trust necessarily involves a written document (commonly a ‘trust deed’ in England and Wales), which appoints the trustees, states the terms of the trust and identifies the beneficiaries and the trust property that will be subject to the trust. Bare trusts However, it is well established […]