Owner Managed Business

 


This was a fairly quiet conference on the tax front for the Conservatives, new announcements limited to a stamp duty increase for foreign buyers, edging a little closer to a Digital Services Tax, tweaks to the apprenticeship levy and another year of a fuel duty freeze. Various outriders would like to see more radical changes though – especially corporation tax cuts – and there are hints these might be considered depending on the outcome of the Brexit process.

The CIOT comments sent to HMRC on Carried forward corporation tax losses: compliance obligations.

Following discussions between CIOT and HMRC over the last few months, HMRC have made some changes to their guidance in the Company Taxation Manual on the Targeted Anti-Avoidance Rule (TAAR) contained in s396B ITTOIA 2005.  

The CIOT response to the HMRC consulation document Allowing Entrepreneurs' Relief on gains before dilution.

The CIOT comments sent to HMRC on Review of the corporate intangible fixed assets regime.

The CIOT comments sent to HMT on Financing growth in innovative firms: Enterprise Investment Scheme knowledge-intensive fund.

The CIOT comments sent to HM Treasury on the call for evidence on Rent-a-room relief.

In partnership with Bloomberg BNA five leading CIOT members have written analyses of the measures in Autumn Budget 2017. Tina Riches of Smith and Williamson, Chair of CIOT's Owner Managed Business Sub-committee, looks at measures in the Budget that may impact on small businesses.

Further CIOT comments sent to HMRC on the legislation and guidance on distributions in a winding up (Finance Act 2016 Section 35 (ITTOIA 2005 sections 396B & 404A)).

Below are the briefings / submissions produced on the current Finance Bill by CIOT. Generally speaking documents were provided to Labour and SNP spokespeople as briefings but also made as formal submissions to the Public Bill Committee.