News
March 2008
The Budget 2008
Alistair Darling has delivered his first Budget as Chancellor of the Exchequer. His focus was very much on stability against a backdrop of economic slowdown and turbulence in the global financial budgets.
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budget
Capital Gains Tax Reform
The proposed changes announced in the Pre-Budget Report to the capital gains tax (CGT) system are radical. Taper relief for CGT will be abolished for disposals on or after 6 April 2008. Other changes to the CGT system include introducing a flat rate of CGT of 18% and abolishing indexation, an allowance for inflation.
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Late Filing Penalties
The consultation exercise on late filing penalties has been concluded and Companies House have published the results.
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Advisory Fuel Rates
To reflect the increases in fuel prices, HMRC have issued new advisory fuel rates for company car drivers. These take effect for all journeys undertaken from 1 January 2008 so employers wishing to use the new rates should advise affected employees and update any expense forms as soon as possible.
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Proposed Cuts in ‘Red Tape’
According to a government report, cuts in ‘red tape’ are saving UK businesses and third sector organisations more than £800 million per year.
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Inheritance Tax Nil Rate Band
Chancellor Alistair Darling announced in his Pre-Budget speech a change to the way in which the inheritance tax (IHT) nil rate band of £300,000 can be used for married couples and civil partners.
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Capital Allowances
In November’s enews we reported on proposed changes to the capital allowances system and HMRC have now issued a 91 page document including draft legislation.
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Employment Bill
A new Employment Bill will, if enacted, impose tougher penalties on employers and dispute resolution procedures will be simplified. The overall effect of the Employment Bill is to strengthen and clarify key aspects of employment law. It was introduced and had its first reading on 6 December 2007 with the aim of receiving Royal Assent by summer 2008.
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Consultation on Residence and Domicile
In the Pre-Budget Report the government announced a package of reforms affecting the personal tax rules on residence and domicile.
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Income Shifting Consultation
You may well remember that the Arctic Systems case involved a husband and wife who owned a company 50/50 and, broadly, took the profits out by way of dividends, again 50/50. HMRC attempted to tax the dividends solely on the husband, as he was performing most of the work which generated the profits of the company.
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Entrepreneurs’ Relief
In the Pre-Budget Report in October 2007 the Chancellor, Alistair Darling, announced a series of changes to the capital gains tax (CGT) regime for individuals and trustees. These changes included the abolition of taper relief and indexation relief and the introduction of a single rate of CGT of 18%. The changes take effect from 6 April 2008.
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Residence and Domicile
Following the Pre-Budget Report announcement that HMRC would be reviewing the rules on residence, HMRC have issued some draft legislation which is expected to take effect from 6 April 2008.
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Money Laundering Regulations
From 15 December 2007, the Money Laundering Regulations 2007 require certain businesses to have systems in place to prevent money laundering and report suspicious transactions. These regulations replace the previous ones which have been in force since 2004.
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PAYE End of Year Returns
HMRC are running a series of workshops on the online completion of end of year PAYE returns. You can use the link below to see when sessions are running in your area.
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HSE Launch Campaign to Stop Slips and Trips
The Health and Safety Executive (HSE) have announced that they will run a workplace slips, trips and falls campaign in February and March this year.
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PAYE Tax Codes About to be Issued
HMRC have advised that they are about to issue PAYE tax codes to employees for the 2008/09 tax year.
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Holidays
On returning to work in the New Year, many will be reaching for the travel brochures to plan their next holiday getaway. Now would be a good time to ensure that your employees (or your own) holiday entitlement has been correctly calculated.
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