Owner Managed Business

 


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.

The Chartered Institute of Taxation (CIOT) has responded to some of the proposals in the Department for Business, Energy and Industrial Strategy’s (BEIS) consultation document ‘Corporate Transparency and Register Reform - Consultation on options to enhance the role of Companies House and increase the transparency of UK corporate entities’ which was published on 5 May 2019.

The CIOT response to the HMT call for evidence on Social Investment Tax Relief (SITR).

The CIOT comments sent to HMRC on Preventing abuse of the R&D tax relief for SMEs.

The CIOT comments sent to HMRC on the Structures and Buildings Allowance draft secondary legislation. 

The CIOT response to the HMRC call for evidence on Amendments to Tax Returns.

The OTS is conducting a further review of the Business Lifecycle and this week published its call for evidence. There is also an online survey.

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.