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Published byMaryann Henderson Modified over 9 years ago
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Phil Cook FCA CTA Tax Partner Clement Keys
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Personal Taxes PA’s up £630 in 2012/13 for those under 65 Further increase of £1,100 in 2013/14 Benefit withdrawn for Higher rate by reducing 40% threshold by same amount (now £34,370 from £35,000) Age related Allowances frozen from 2012/13 Abolished for those reaching 65 after 6.4.13
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Personal Taxes Higher rate remains at 40% up to £150,000 Additional Rate reduced to 45% from 6 April 2013 for income >£150,000 Dividend Rate for Higher Rate 32.5% (net rate = 25%) Dividend Rate – 37.5% (net rate = 30.55%) – currently 42.5% (net 36.1%) PA’s £1:£2 reduction for income > £100,000
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Personal Taxes From 7.1.13 Child Benefit Tax Charge to recoup benefit for income >£50,000. All couples living together Applies to highest income earner HMRC will collect tax charge through SA or PAYE as necessary Election possible to waive benefit HMRC will contact in Autumn 2012
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Personal Taxes EIS simplification; investment limit £1million SEIS - £100,000 relief @ 50% for small coy’s Ceiling on unlimited IT reliefs in FB 2013 Statutory Residence test – deferred to 6.4.13 ISA Limit to £11,280 Qualifying Life policy premium limit of £3,600pa
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Capital Taxes CGT Annual Exemption & IHT Nil Rate Band unchanged Non-Dom spouses limit to be reviewed D T Periodic Charges to simplified from FB 2013 Acquired Excluded Property trusts to be charged
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SDLT Residential property >£2m subject to 7% SDLT 15% charge on similar properties held by ‘Non-natural’ persons Annual charge consultation on non-naturals Anti-avoidance changes on property & option schemes
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Capital Allowances AIA down to £25,000 from £100,000 WDA down from 20% to 18% and from 10% to 8% for the Special rate pool Fixtures subject to S198 type election on sale EZ allowances will be 100% on P&M Solar Panels producing FiT payments will be Special Pool only from April 2012
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Corporate Tax Full rate reduced to 24% from 1.4.12 Further reduction to 23% from 1.4.13 Final reduction to 22% from 1.4.14 Marginal rate becomes 25% from 1.4.12 Small company rate unchanged
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Other Issues Cash Basis for small businesses ◦ Consultation on unincorporated businesses with turnover <£77,000 from April 2013 Anti-avoidance law ◦ A general anti-avoidance rule recommended by the Aaronson Report in FB 2013 Consultation on dis-incorporation
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HMRC v PA Holdings Ltd Dividends v Bonus Artificial arrangements ◦ Dividend waivers ◦ Alphabet shares ◦ Arctic Systems
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