Articles in "Tax"

I’ll start by putting a myth to bed – the term ‘non-dom’ remains because the concept originates from a taxpayers (and their parents) place of birth. Whilst a Chancellor has many powers he can’t change the origin of somebody’s birth!

This was a nasty surprise in the Budget announcement – the removal of MDR. The announcement concluded it didn’t benefit the intended taxpayer and has been subject to frequent abusive claims.

Changes to capital allowances rules have for many years been a prominent feature of the annual announcements from the Chancellor, generating endless rate changes and transitional measures. These yoyoing rules and thresholds have made it particularly difficult for businesses to plan tax efficiently for capital expenditure.

Those expecting a buccaneering pre-election Budget from Jeremy Hunt will be feeling rather let down: this was a modest affair, full of measures which had been pre-briefed, and without even the traditional rabbit pulled out of the hat to please his own backbenchers.

The optimal time to sell a business can be influenced by the potential tax implications. UK Corporate sellers can claim the “substantial shareholding exemption” (“SSE”) to exempt a gain on a sale from corporation tax.

There are significant tax advantages to choosing an EV in addition to the environmental benefits, says Nathan Bowden of Lovewell Blake.

HMRC is currently scrutinising claims for R&D tax relief, following increased media attention and parliament focus. The government has recently made its first steps towards reforming the R&D tax relief scheme, but the biggest changes are due to come into force on 8 August 2023.

How your business is taxed will be a big factor in how you structure it, says Leigh Thurston.