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Autumn Budget 2018 -Entrepreneurs' relief: definition of a 'personal company'

Two new tests are to be added to the definition of a 'personal company' for entrepreneurs' relief. Both conditions, as well as the existing 'share capital' and 'voting right... more


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Autumn Budget 2018 - Non residents - Taxing gains made by non-residents on UK immovable

The scope of the UK's taxation of gains accruing to non-UK residents is to be extended to include gains on disposals of interests in non-residential UK property. The charge on gains on disposal... more


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Autumn Budget 2018 - Capital gains tax: annual exempt amount

For 2019/20, the capital gains tax annual exempt amount will rise from £11,700 for individuals and personal representatives and £5,850 for most trustees of a settlement, to £12,00... more


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Autumn Budget 2018 - Property - Final period exemption

Final period exemption currently means people do not have to pay CGT on gains made in the final 18 months of ownership, even if they are not an owner-occupier during that period. However, a long ex... more


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Autumn Budget 2018 - Property - Lettings relief

Lettings relief currently provides up to £40,000 of relief (£80,000 for a couple) to those who let out a property that is, or has been in the past, their main residence. This means that... more


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Autumn Budget 2018 - Property - Private Residence Relief: changes to ancillary reliefs

From April 2020, the government will change two ancillary reliefs on rented property and on gains made in the final period of ownership, regardless of occupancy.


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Autumn Budget 2018 - Gift Aid Small Donations Scheme

Currently the Gift Aid Small Donations Scheme (GASDS) applies to donations of £20 or less made by individuals in cash or by contactless payment. This limit is to be raised to £30. Conta... more


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Autumn Budget 2018 - Pensions lifetime allowance uplift

The lifetime allowance for pension savings will increase with the Consumer Prices Index (CPI), rising to £1,055,000 for 2019/20.


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Autumn Budget 2018 - IR35 Changes

To increase compliance with the existing off-payroll working rules (known as IR35) in the private sector, businesses (ie the contractor) using the services of an individual operating through a Limi... more


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Autumn Budget 2018 - tax treatment of expenses for unpaid officeholders

The government will legislate in Finance Bill 2019/20, so that expenses paid or reimbursed to unpaid office-holders are exempt from income tax when incurred because of their voluntary duties. This ... more


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Autumn Budget 2018 - Fuel benefit charges for cars and vans from 6 April 2019

From 6 April 2019, the flat-rate van benefit charge will increase to £3,430 (from £3,350 in 2018/19). The multiplier for the car fuel benefit charge will increase to £24,100 (... more

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26
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Autumn Budget 2018 - Savings - allowance and tax rate

The 0% band for the starting rate for savings income will be retained at its current level of £5,000 for 2019/20 and will not be up-rated in line with inflation. For 2019/20, the persona... more


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Autumn Budget 2018 - Personal allowance and income tax threshold

The personal allowance for 2019/20 is set at £12,500 (£11,850 in 2018/19) The basic rate limit will be increased to £37,500 (£34,500 in 2018-19). As a result, the hi... more


32
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Autumn Budget 2018 - Budget summary for small businesses

The Chancellor confirmed that the Government would meet its manifesto pledge of raising the personal tax allowance to £12,500 and the basic rate threshold to £50,000 within the current ... more


129
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Q. My company borrowed money from another private company

Q. My company borrowed money from another private company, but the loan has now been written off because the lender company has been dissolved. What are the tax implications of this write-off? ... more