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tax advice

Here is a summary of some of the changes announced by the Chancellor of the Exchequer in the Summer Budget, published on 8 July 2015.

Income Tax

Capital gains tax (CGT) is calculated based on sale proceeds received for an asset less the acquisition cost and any other associated costs.

Business Property Relief (BPR) is available to reduce the liability to Inheritance Tax (IHT) on the transfer of relevant business assets.

In John Carver v HMRC, the First-Tier Tribunal examined whether "syndicate capacity", the right to participate in a Lloyd's of London syndicate, was in itself a business or an asset used i

From the 6 April 2015, non-UK residents who dispose of a UK residential property may be liable to pay Capital Gains Tax (CGT) on any gains made on the disposal.

Renting out a residential property is a popular way for individuals to increase their annual income, but it is important that responsibilities, such as reporting tax on rental income to HMRC, are n

The concept of Employee Shareholder (ES) Shares was introduced in September 2013.

Under rules introduced in 2014, the owners of a trading company and their employees could benefit from the introduction of a qualifying ”Employee Ownership Trust” (EOT).

In Andrew Michael Higgs v HMRC, the Upper Tax Tribunal held that the taxpayer was entitled to a full refund of overpaid tax, even though the claim went back more than four years, which is the gener

The decision in the case of Joost Lobler was overturned on appeal to the Upper Tier Tribunal (UTT) in January 2015 on the grounds of rectification.