Blog
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Corporation tax rates confirmed
The corporation tax (CT) main rate is set at 19% for the financial year beginning 1 April 2020. This maintains the rate at 19% rather than reducing it to 17% fro...
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Capital allowances: CO2 emissions thresholds and first year allowances for business cars, zero-emission goods vehicles and equipment for gas refuelling stations
The period for which the 100% fi...
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Enhanced capital allowances in Enterprise zones
Enhanced first year allowances for investment in new plant or machinery within designated assisted areas within Enterprise Zones were introduced ...
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Increase in Structures and Buildings allowance for capital allowances
Businesses that incur qualifying expenditure on the construction, renovation or conversion of non-residential structures an...
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Employment Allowance increases for National Insurance
The maximum Employment Allowance that may be claimed by eligible employers will rise by £1,000 to £4,000 from April 2020.
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Changes to top slicing relief on life insurance policy gains
An amendment to the legislation will allow the personal allowance to be reinstated within the calculation for top slicing relief (TS...
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Capital gains tax: annual exempt amount
The capital gains tax (CGT) annual exempt amount for 2020/21 will rise from £12,000 to £12,300 for individuals and personal representatives a...
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CGT entrepreneurs' relief - reduction in the lifetime limit
The lifetime limit for capital gains tax (CGT) entrepreneurs' relief is reduced from £10 million to £1 million fo...
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Tax treatment of the Troubles Permanent Disablement Payment Scheme
An exemption from income tax, inheritance tax and capital gains tax applies for payments made under the Troubles Permanent Dis...
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Pensions tax changes to income thresholds for calculating the tapered annual allowance
Following an increase in the threshold income and adjusted income, those individuals with a threshold inco...
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Taxation of company cars using CO2 emissions
As announced at the 2017 Autumn Budget, the carbon dioxide (CO2) emissions figure for the purposes of the company car tax regime and related charges...
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2020/21 Van and car benefits confirmed
The van benefit charge and the car and van fuel benefit charges will rise in line with the Consumer Price Index (CPI) from 6 April 2020. The flat-rate van...
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Income tax and NI exemptions for bursary payments to care leavers
The government has confirmed that it will implement all but one of the recommendations made by Sir Amyas Morse in his review of...
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Implementation of recommendations from the independent review of the loan charge
The government has confirmed that it will implement all but one of the recommendations made by Sir Amyas Morse i...
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Personal tax allowances and NICs
The personal tax allowance will remain at £12,500 for 2020/21.
The Class 1 National Insurance Contributions (NIC) primary threshold will rise to &pou...
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