Owner Managed Business

Preventing abuse of the R&D tax relief for SMEs

By Ruth Mace on 30 July 2020

Following the announcement at the Budget in March that the government would delay the implementation of the PAYE cap on the payable tax credit in the SME R&D scheme until 1 April 2021, the government published a Summary of responses to last years’ consultation and a Second consultation.

The scope of qualifying expenditure for R&D Tax Credits

By Ruth Mace on 30 July 2020

On L-Day, the government published a consultation exploring the scope of qualifying expenditure for R&D tax credits, which was trailed at the Budget. Specifically, the consultation is looking at whether expenditures on data and cloud computing ought to qualify for relief. The consultation document adds that the government is not inviting views on the internationally agreed definition of R&D itself.

Modernisation of Stamp Taxes on Shares Framework

By Ruth Mace on 28 July 2020

On L-Day the government published a call for evidence to consider the principles and design of a new Stamp Duty and SDRT Framework, which is intended to inform a longer-term modernisation of Stamp Duty and SDRT. The government is seeking views on what should be the principles and design of a new framework for taxing shares and securities and what should be prioritised in any modernisation programme.

Finance Bill 2020 report stage day 2

By George Crozier on 2 July 2020

MPs are considering amendments and new clauses tabled to the Finance Bill, relating to tax reliefs and easements and support measures in response to coronavirus. After report stage third reading debate will take place.

Taxation of coronavirus support payments

By Ruth Mace on 12 June 2020

The Chartered Institute of Taxation (CIOT) comments on the the draft legislation on Taxation of coronavirus support payments.

Spring Budget 2020

By Ruth Mace on 5 May 2020

The Chartered Institute of Taxation (CIOT) respond to the Treasury Committee inquiry in to the Spring Budget 2020.

MPs challenge minister over treatment of dividend income in business support

By Hamant Verma on 30 April 2020

MPs on the Treasury Committee questioned a minister and two of the Treasury’s most senior civil servants in the latest session of its inquiry into the economic impact of coronavirus, held on Wednesday 29 April.

Finance Bill passes first hurdle but MPs have their eyes on the crisis, and the future

By Hamant Verma on 30 April 2020

The Finance Bill had its second reading in the House of Commons on Monday 27 April. The Bill includes measures such as a Digital Services Tax, changes to the controversial Loan Charge and retaining corporation tax at 19 per cent (rather than implementing a previously legislated cut to 17 per cent). It makes some business reliefs more generous to encourage investment but introduces restrictions on the availability of two capital gains tax reliefs - entrepreneurs’ relief and private residence relief.

Directions for a Further General Stay in relation to Certain Proceedings

By Ruth Mace on 21 April 2020

Further directions issued today by the President of the First-tier tax tribunal, Judge Sinfield, to the Tax Chamber and Tribunal users extending, in relation to certain proceedings, the general stay of all proceedings released on 24 March (as amended and released on 26 March).

Labour set out radical changes to taxation of capital gains, dividends and multinationals

By CIOT External Relations Team on 21 November 2019

The Labour Party have published their general election manifesto, which includes plans for higher corporation tax, income tax increases for those earning more than £80,000 and taxing capital gains and dividends at income tax rates with a single allowance.

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