Worldwide debt cap
The worldwide debt cap (by which interest relief for large groups will be restricted) is to be amended slightly in the Finance Bill 2010. The changes were first announced by a Ministerial Statement on...
View ArticleBank Payroll Tax: Example
Assuming no exemption is available then it seems to work like this: Bank pays £100,000 bonus. Bank is required to pay £37,500 in "supertax" to HMRC (the first £25,000 of the bonus does not attract the...
View ArticleSurprise NICs increase
The Chancellor announced a further increase of 0.5% (on top of the 0.5% rise we were already expecting) on employee and employer NICs. The increase will come into effect on 6 April 2011. This means...
View ArticleR&D tax relief relaxation
As has already been noted on this site, the condition that companies can claim research & development (R&D) tax relief on qualifying expenditure deriving only from intellectual property that...
View ArticleSports tax
Recent weeks have seen both the French and the Spanish Governments withdraw their sports-related tax breaks. The French have ended their "droit à l'image collectif", which allowed football clubs to...
View ArticleBanking bonus – further points
A few further points. The 50% levy will not be deductible for corporation tax purposes. It will be payable on 31 August 2010. Although they are only stated as applying to bonuses awarded or paid...
View ArticleTougher disclosure regime
A consultation document has been released containing draft legislation amending the regime requiring tax avoidance schemes to be disclosed to HMRC. These proposed measures include revising and...
View ArticlePensions – up to 2010/11
In today's pre-budget report, the Chancellor announced that the anti forestalling measures on tax relief to pension contributions for high earners (introduced at Budget 2009) will be extended to...
View ArticleOffshore is bad, very bad
Several opportunities have been provided to taxpayers 'to come clean' about the holding of undeclared offshore assets or bank accounts. These include the 2007 Offshore Disclosure Facility, the New...
View ArticlePensions – after 6 April 2011
The position, however, for high earners after 2011 will be different. The Government announced at Budget 2009 its intention to restrict tax relief on pensions savings with effect from 6 April 2011 for...
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