Budget Analysis 2011 – Tax Administration

9. Tax Administration a.    Reciprocal arrangement to recover tax and exchange information Legislation is to be introduced in Finance Bill 2011 to upgrade the legal gateway for the UK to assist and utilise EU member states in the...

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Budget Analysis 2011 – Business Tax

a. Corporates i. Corporation Tax Rates The main corporation tax rate will be reduced from 28% to 26% for the Financial Year commencing 1 April 2011. This rate will be further reduced for the Financial Year commencing 1 April 2012 to 25%, with...

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Budget Analysis 2011 – Personal Tax

1. Personal Tax a. Personal Allowances and National Insurance The previously announced rates, limits and allowances for 2011/12 remain unchanged. It is proposed that for 2012/13, the personal allowance for those under 65 will be increased by...

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Plumber’s Safe Tax Plan (PSTP)

HMRC announced on 1 March 2011 that plumbers could bring their tax affairs up to date using the PTSP. The extent of the tax liability and the penalty payable is dependent on whether the person (individual, partnership or company) completed an...

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Liechtenstein Disclosure Facility

HMRC announced in August 2009 that persons (individuals, partnerships, companies and trusts) with a financial interest overseas as at 1 September 2009 could bring their tax affairs up to date. The main benefits are the tax liability is limited to...

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