Special rules apply to transfers of income streams. The rules make it clear that the sale of an income stream - designed to turn economic income into a return that is treated by tax law as capital - is unlikely to work. For example, shareholders
Savings income and dividends are taxed at the recipients' highest tax rate. The relevant legislation in ITA07/S16 sets out the following rules. If a person has savings income but no dividend income, the savings income is treated as the
The VAT treatment of land and property is one of the most complex areas of the VAT legislation. Under certain situations, supplies of building materials can be zero-rated or reduced-rated at 5% for VAT. For the supplies of building materials to be
The P9X form is used to notify employers of tax codes to use for employees. The form confirms expectations that the basic personal allowance for the tax year starting 6 April 2020 will remain at £12,500. The emergency tax code will remain at
There are special VAT rules that allow businesses to standard rate the supply of most non-residential and commercial land and buildings (known as the option to tax). This means that subsequent supplies by the person making the option to tax will be
Acas has published new guidance for employers and employees on the coronavirus. The guidance covers: what to do if employees do not want to go to work sick pay what to do if employers need to close the workplace other steps for employers to
1 March 2020 - Due date for Corporation Tax due for the year ended 31 May 2019. 2 March 2020 – Self assessment tax for 2019/19 paid after this date will incur a 5% surcharge. 19 March 2020 - PAYE and NIC deductions due for month ended 5 March
There has been much press speculation that the Government is considering cutting higher rate tax relief for pension contributions in the March Budget. However, many Tory MPs are said to be up in arms at such a move and have been trying to quash such
If your total assets exceed £325,000 then the excess will usually be subject to Inheritance Tax (IHT) at 40% when you die. A reduced rate of IHT of 36% applies where 10% or more of a deceased’s net estate is left to qualifying charities
There is a special VAT refund scheme called the VAT Retail Export Scheme or Tax-Free Shopping that allows individuals not resident in the EU to obtain a VAT refund on goods bought in the UK and taken out of the EU. The scheme does not apply to
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