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0161 476 8276
HMRC have added another tranche of anti- avoidance legislation which are continually adding to the uncertainty and complexity of normal tax payer’s affairs. This is targeted against large corporates.
Major changes to capital gains tax.
Basic position reduced to 20% for higher rate tax payers (from 28%) and 10% for basic rate tax payers 9 (from 18%)
But leaving buy to let properties at old rates.
10% Entrepreneurs relief rate for disposals of all unquoted trading companies. This will be great for small and non-employee investors. To obtain the relief you need to subscribe for new shares after 17th March 2016 and held for 3 years after 6th April 2016.
Yet another attempt to clarify the position re personal service companies. One new measure that has been confirmed is that the tax cost on loans to participators to match the new dividend rules i.e 32.5%. This is tweaking the new legislation already in gestation.
To talk through how this might impact on your call our Financial Services team on 0161 476 8276 or email email@example.com
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With the UK due to leave the EU on 31st October 2019. We summarise the main updates.
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