Changes To IHT Rules On Excluded Property Trusts
Draft clauses for the next Finance Bill have been published confirming that property added to a settlement or transferred between settlements after the settlor has become UK domiciled or deemed domiciled cannot generally be excluded property for IHT purposes.
29 July 2019
Entrepreneurs' Relief - An Update
Capital gains tax (CGT) entrepreneurs’ relief can substantially reduce the CGT payable on the sale of a business or an interest in a business. Changes to entrepreneurs’ relief were introduced in Finance Act 2019, in connection with the qualifying holding period, the definition of a ‘personal company’ and the dilution of a shareholding below 5%.
Insolvency Changes - New Legislation
From 6 April 2020, when a business enters insolvency, more of the taxes paid by its employees and customers, and temporarily held in trust by the business, will go to HMRC rather than being distributed to other creditors.
Digital Services Tax - New Legislation
The Government is introducing the Digital Services Tax (DST) from April 2020, to ensure certain digital businesses pay tax reflecting the value they derive from UK users.
IR35 For Private Sector Workers
The Government has published a consultation document setting out its proposals for the transfer of the onus for IR35 decisions away from the worker to Private Sector businesses.
07 March 2019
Extension Of Security Deposit Legislation - Confirmed
The Government has confirmed that, following its recent consultation, the regulations required for the extension of security deposit legislation to Corporation Tax and Construction Industry Scheme deductions will become law on 6 April 2019.