On 9 December 2015, HMRC published draft legislation for the Finance Bill 2016 outlining a number of new measures.
We have picked out some of the key highlights from the announcement. Click on the links below for our summary.
If you have any questions on how you or your clients might be affected by these changes, please contact your usual Gabelle contact.
- Company Distributions
- Reform of the Wear and Tear Allowance
- Orchestra Tax Relief
- Fixed-rate deductions for use of home for business purposes by partnerships
- Extension of averaging period for farmers
- Personal tax – Bad debt relief on peer to peer lending
- Annual Tax on Enveloped Dwellings (ATED) and 15% Stamp Duty Land Tax
- Changes to the taxation of dividends
- Time Limits for Self-Assessment returns
- Simple Assessment
- Income Tax – ISAs: tax advantages following the death of an account holder
- Personal taxes – Dividend taxation
- ‘Trivial’ benefits in kind
- Taxation of income from sporting testimonials and benefit matches
- Taxation of company cars: diesel supplement