Archive for September 2014

Autumn Statement 2014 – Other Matters

Devolved tax powers to Scottish Parliament Following the referendum on Scottish independence, the main political parties in Scotland have agreed on new devolved powers. The UK government will publish draft clauses in January 2015 for the implementation of these powers. For income tax: the Scottish Parliament will have the power to set income tax rates…
Read More

Autumn Statement 2014 – Capital Taxes

Capital gains tax (CGT) rates The current rates of CGT are 18% to the extent that any income tax basic rate band is available and 28% thereafter. The rate for disposals qualifying for Entrepreneurs’ Relief is 10% with a lifetime limit of £10 million for each individual. CGT – Entrepreneurs’ Relief (ER) The government will…
Read More

Autumn Statement 2014 – Employment Taxes

Employer provided cars The scale of charges for working out the taxable benefit for an employee who has use of an employer provided car are now announced well in advance. Most cars are taxed by reference to bands of CO2 emissions. The percentage applied to each band has typically gone up by 1% each year…
Read More

Autumn Statement 2014 – Personal Tax

The personal allowance for 2015/16 For those born after 5 April 1948 the personal allowance will be increased from £10,000 to £10,600. Comment  The reduction in the personal allowance for those with ‘adjusted net income’ over £100,000 will continue. The reduction is £1 for every £2 of income above £100,000. So for 2014/15 there is…
Read More

Autumn Statement 2014 – Business Tax

Corporation tax rates From 1 April 2015 the main rate of corporation tax, currently 21%, will be reduced to 20%. As the small profits rate is already 20%, the need for this separate code of taxation disappears. The small profits rate will therefore be unified with the main rate. Research and Development (R&D) tax credits…
Read More

Autumn Statement 2014 – Overview

On Wednesday 3 December the Office for Budget Responsibility published its updated forecast for the UK economy. Chancellor George Osborne responded to that forecast in a statement to the House of Commons later on that day. In the period since the Budget in March a number of consultation papers and discussion documents have been published…
Read More