Budget 2015

POST BUDGET PLANNING ISSUES FOR PROPERTY INVESTORS

In last months Budget, the Chancellor announced that mortgage interest payments and arrangement fees incurred when taking out buy to let mortgages for residential properties will be restricted to the basic rate of tax, currently 20%. This change in practice…
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THE SUMMER FINANCE BILL: WHAT IS MISSING !

The second Finance Bill 2015 and its explanatory notes were released on 15th July. The Bill received it’s second reading in the House of Commons on 21st July, although MPs will not debate it until September, after the summer recess. The Bill is expected…
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SUMMER BUDGET 2015: INITIAL THOUGHTS CORPORATE

Re-defining the Taxation of Dividends Post April 2016 Planning As a result of the changes announced in the budget, tax planning involving dividends will become less attractive, and we are likely to see a move towards paying salary rather than…
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Summer Budget 8th July 2015: The Main Points

The Personal Allowance The Chancellor was already moving in the direction of a £12,500 personal allowance with the allowance previously due to rise to £10,800 in 2016-17. However, in the Budget he has now said that the first £11,000 of…
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CONCISE BUDGET PREDICTIONS FOR 8TH JULY 2015

The Chancellor must strike a balance between commitments made prior to the election and the need to generate revenue. The Conservative Party’s manifesto pledge for a tax lock on income tax, VAT and national insurance limits the Chancellor’s room for…
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SECOND FINANCE BILL EXPECTED SOON

The new Conservative government is expected to table a second Finance Bill in this session. Commentators believe it may include campaign promises such as restrictions on tax relief for pension contributions and the introduction of a transferable £175,000 inheritance tax…
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Budget 2015: Government closes tax loophole on loaned art 

A landmark Supreme Court decision involving a work of art and previously reported in ‘The Professional Tax Review’ has been nullified in the Budget. The case involved a painting by Joshua Reynolds called Omai, which had belonged to the Howard estate…
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Budget 2015: Deed of Variation Review 

A Review of the role of Deeds of Variation was announced in the March 2015 Budget speech. In identifying Deeds of Variation as “tax avoidance” the Chancellor has focused on the potential tax consequences for those who undertake tax planning….
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