Autumn Budget 2018 – Income tax allowance and bands

For the tax year 2018/2019 the personal allowance for an individual is £11,850 and the basic rate tax limit is £34,500. The additional higher rate is 45% on income over £150,000 and the saving rate is £5,000. For the tax year 2019/2020 the...

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Autumn Budget 2018 – Transfer of corporate liabilities to the individual

HMRC have for some time been able to pursue individual directors for certain tax liabilities of a company, for instance - use of Reg 72 to transfer a company’s employment tax liabilities to an individual director where it can be shown that there...

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Autumn Budget 2018 – International tax enforcement: disclosable arrangements

At present, there are no obligations on the administrators of complex offshore arrangements involving trusts, companies and similar legal entities to disclose their existence to HMRC. Taxpayers are able to take advantage of these structures to...

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Autumn Budget 2018 – Income Tax: offshore receipts in respect of intangible property

An income tax charge will arise on the owners of intangible property or those that are entitled to income, to the extent that income is matched to the sale of goods or services in the UK in relation to that intangible property and who are not...

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Autumn Budget 2018 – Capital allowances for commercial structures and buildings

A 2%, straight line allowance over a period of 50 years on construction costs of building new, non-residential structures and buildings used in qualifying activities. Neither land nor dwellings will be eligible for relief, nor will the costs of...

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