Quarterly News

An ever changing world

As always in the world of tax and business, the last quarter has been very busy. Most notably, Chancellor Alistair Darling presented his first Budget on Wednesday 12 March 2008.

In a surprise announcement, the 'income shifting' rules were delayed for one year. What was not a surprise was that the annual £30,000 charge on non-domiciles has still been introduced but some relaxations have been made to the original proposals.

In the area of capital taxes, the introduction of a flat rate of CGT for individuals and trustees of 18% goes ahead, as does the introduction of a new Entrepreneurs' Relief, which looks suspiciously like Retirement Relief, that the government scrapped in favour of taper relief, that has now been scrapped in favour of Entrepreneurs' Relief! It’s a strange old world.

And finally, there is a significant change in inheritance tax relief for married couples and civil partners.

The content of the Budget has been well reported elsewhere but we take the opportunity in our Quarterly news to highlight a few points for you in relation to Entrepreneurs' Relief, residence and the deferral of the 'income shifting' legislation.

Current News Highlights

Key tax issues 2008/09

Now that 2008/09 is in full swing a reminder of some key developments on capital acquisitions and disposals is timely.

Flexing the family

From April 2009 the right to request flexible working is extended to parents of children up to the age of 16.

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