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Olswang Analysis - June 2010
Read the analysis by Olswang lawyers on the implications of the June 2010 Budget by clicking on the links below:
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Category: Budget Update
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 [...]
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 [...]
Residence and domicile
On balance, the Budget contains mostly good news for non-doms. Higher remittance basis charge for long term residents Non-doms who have been UK resident for 12 years or more will, from April 2012, pay an annual charge of £50,000 (up from £30,000) in order to be taxed on the remittance basis. Whilst this is obviously unwelcome, it is a relatively [...]
REITs update
An informal consultation is announced with a view to reducing barriers to entry and investment for existing and future REITs. Legislation is proposed to be included by Finance Bill 2012. Few details are provided but overall this looks to be good news for the sector. Of particular interest are: 1. the suggestion that institutional investors might establish REITs; [...]
VAT and LVCR (the £18 rule) – “Big deal!”
We’ve all heard the reports of small CD retailers (and the like) going out of business due to LVCR (or “low value consignment relief”). This is the rule which exempts from VAT goods (such as CDs) imported into the UK from outside the EU with a value of £18 or less. Following the Budget, the threshold [...]
Also posted in Budget - March 2011 Tagged Low value consignment relief, VAT, £18 rule Leave a comment
Corporation tax rate 26% from April 2011
As part of a number of measures intended to improve the competitiveness of the UK for multi-national companies, the Chancellor has announced that the corporation tax rate will be reduced by 2%, rather than 1% from April 2011. It will continue to decrease by 1% for the following three years until it reaches 23%. A number [...]
A ray of hope?
As the dust settles on (yet) another Budget, the first for a new Goverment and a new Chancellor, what have we learned of what the future might hold? This was always going to be a Budget in which spending would be slashed and taxes raised and, with regard to the latter, the hike in VAT is certainly a painful one. However, such [...]
Also posted in Budget - June 2010 Leave a comment
The Emergency Budget and Gambling
Further to my initial blog below, now that I’ve read the detailed press releases there are two further points to mention on gambling issues. The Tote Under the heading “Asset Sales” there is included the following: “… over the next 12 months the Government will …. resolve the future of the Tote in a way [...]
Corporation tax reform