Other Olswang Publications
Click here to download our Tax Group brochure
Click here to download the Olswang Finance Bill Update
Olswang Analysis - June 2010
Read the analysis by Olswang lawyers on the implications of the June 2010 Budget by clicking on the links below:
Click here or on the image to download a printable PDF of all of our analysis:
Category: Budget – March 2011
SDLT reform for bulk residential purchases
Today’s Budget contains details of a new SDLT relief which will benefit purchasers of residential property who acquire more than one dwelling. The relief will be introduced in Finance Bill 2011 with effect from Royal Assent. Where this relief is claimed the rate of SDLT will be determined by the mean consideration for the dwellings [...]
Bank Levy
The Government announced a further increase in the bank levy and indicated that this was, in effect, to offset the 2% reduction in corporation tax from next year. In his speech, the Chancellor also made reference to some of the initiatives that will be funded by the projected £2.5 billion that will be generated annually [...]
Stealth tax?
The Government has announced that from April 2012 the measure of inflation used to calculate increases in NICs rate bands, the CGT annual exempt amount and the annual ISA subscription limit will be changed from the retail prices index (“RPI”) to the consumer prices index (“CPI”), and that the default indexation assumption for all direct taxes will [...]
Also posted in Budget - March 2011, Budget Update Tagged CPI, measure of inflation, RPI Leave a comment
Enterprise Zones
Up to 21 zones are proposed to be created, but there is no detail regarding the availability of enhanced capital allowances. The Budget report simply states that the Government will work with individual LEPs to consider the scope for introducing enhanced capital allowances to support zones where there is a strong focus on high value manufacturing. Whilst [...]
Income tax and NICs to become one ?
The Chancellor announced plans to consult on the merger of income tax and NICs on the basis that operating two completely different systems “imposes totally unnecessary costs and complexity on employers, and costs the taxpayer in the extra burden it places on HM Revenue & Customs”. A consultation document will be published later this year setting [...]
Gambling duties – no news is good news!
There’s precious little in the Budget concerning gambling duties. The way in which machines are taxed is due to change in 2012/13, with the banded licence fee regime of Amusement Machine Licence Duty (AMLD) being abolished and machine takings no longer being subject to standard rated VAT. Under the new regime – of “Machine Games [...]
Also posted in Budget - March 2011, Budget Update Tagged AMLD, Gambling, Machine Games Duty Leave a comment
A mixed bag for games companies
A lot of mixed messages in today’s Budget for the games industry. The proposal to significantly improve EIS and VCT reliefs, in particular, by increasing the annual investment limit to £10 million from £2 million (albeit with effect from 6 April 2012) should assist games companies in obtaining development finance. EIS relief becomes much more interesting at this level. We [...]
Also posted in Budget - March 2011 Tagged EIS, Entrepreneurs' Relief, games companies, R&D, VCT Leave a comment
Income tax rates and high earners
There was no change to income tax rates, which remain at 2010/11 levels. Whilst high earners will be disappointed by retention of the 50% rate, the Chancellor did stress that it was a temporary measure and acknowledged that it could do lasting damage to the British economy. Realistically, it is difficult to see what else the Chancellor could say. The proposed increase [...]
Also posted in Budget - March 2011, Income Tax Tagged high earners, income tax, personal allowance Leave a comment
Corporation tax reform