Use of Home Deductions at a fixed rate to partnerships


Legislation will be introduced in Finance Bill 2016 to amend the simplified expenses legislation in ITTOIA 2005 to clarify how the provisions in respect of business use of home and premises used both for business and as a home apply to partnerships. This change, which is designed to ensure that partnerships and individuals are treated in the same way, applies from 6 April 2016.

The amended provisions will make it clear that the fixed rate deduction for use of home for business can be claimed by individual partners where appropriate, and also that partnerships can use the fixed rate non-business use adjustment where premises are used mainly for business but are also used as a home by a partner or partners. Extending ISA tax advantages after the death of an account holder

The individual savings account (ISA) savings of deceased individuals will continue to benefit from income tax and capital gains tax advantages, where those savings are retained in an ISA.

The change is expected to take effect during 2016/17, following Royal Assent to Finance Bill 2016, consultation on further detail of the change and amendment of the ISA rules by secondary legislation.

Added By: Luke Noble on 21st Mar 2016 - 16:57
Number of Views: 914
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