Taxation - Latest Articles
The Chartered Institute of Taxation (CIOT) welcomes the second Early…
The Chartered Institute of Taxation (CIOT) welcomes the Budget changes…
The Chartered Institute of Taxation (CIOT) welcomes the inheritance tax…
The Chartered Institute of Taxation (CIOT) welcomes the second Early Day Motion (EDM) on income shifting that has been tabled in the House of Commons. When the first EDM was tabled the CIOT said that it had long been of the view that fundamental reform to the structure of small business taxation was necessary if small businesses were to be able to plan their tax affairs with any degree of certainty.
The second EDM says: “That this House… calls on HM Treasury and other affected departments to use the additional year that they have allowed themselves for consultation…
The Chartered Institute of Taxation (CIOT) welcomes the Budget changes to the taxation of non-residents and foreign domiciliaries. These include changes to the day-counting rules, the general rebasing election for offshore trusts, the fact that the £30k will be creditable for US citizens, and the more sensible proposals on what constitutes a remittance.
However, in welcoming these, the CIOT points out that the changes could easily have been avoided if proper consultation had been undertaken at the beginning of the process before the Government announced its proposals in the Pre-Budget Report (PBR).
John Barnett, Chairman of…
The Chartered Institute of Taxation (CIOT) welcomes the inheritance tax changes announced in the Budget, which have important implications for individuals and trustees.
There has been some uncertainty about the position where a pre-22 March 2006 life interest comes to an end and is replaced before 5 April 2008 by another life interest in favour of the same life tenant. Draft legislation has now been published to make it clear that, in these circumstances, there is no chargeable transfer and therefore no inheritance tax payable.
Emma Chamberlain, Chairman of the CIOT’s Succession Taxes Sub-Committee, says: “This…
There were no rabbits in sight during this year’s Budget. On corporation tax, fuel duty, disguised interest rules and green taxes there will be time for a full and proper consultation before implementation.
The Chartered Institute of Taxation (CIOT) has long been calling for no ‘rabbits out of the hat’ from the Chancellor and HM Treasury.
Rob Ellerby, CIOT President, says: “Irrespective of whether you agree or disagree with the policy, it is vital that the Government consults. Consultation gives the proposals the chance to work as the Government wishes. Without consultation there may be ‘unintended…
The Government’s consultation on the proposed introduction of income shifting legislation introduces unnecessary complexity and uncertainty for businesses, according to The Institute of Chartered Accountants of Scotland. In particular, the effect on family operated businesses could be damaging. Income shifting refers to situations where money received by a person, such as a profit share or dividend, is deemed for the purposes of taxation to belong to someone else who pays tax at a higher rate.
Derek Allen, Director of Taxation at ICAS commented, “In taxation there should be certainty and clarity. The proposals within this paper go against…
