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Major amendments to the Finance Bill

by Jessica Garbett | May 10, 2017 | ACCA, budget, business taxation, HMRC, personal taxatation, politics

Next month’s General Election has resulted in changes to the Finance Bill. Read our summary now. When Members of Parliament backed the motion by 522 to 13 on holding an early General Election on Thursday 8 June under the Fixed-Term Parliaments Act, one of the...

Relief for carried-forward losses

by Jessica Garbett | May 10, 2017 | ACCA, business taxation

New rules will apply to all losses arising on or after 1 April 2017. Losses for companies arising from 1 April 2017, when carried forward, can be offset against the total taxable profits of a company and its group members. They will be able to use the losses against...

Interest on loans from residential property income

by Jessica Garbett | May 8, 2017 | ACCA, business taxation, personal taxatation, property taxation

A new measure will restrict relief for finance costs. This measure will restrict relief for finance costs on residential properties to the basic rate of income tax and will be introduced over four years from 6 April 2017. The measure will not affect companies renting...

Companies’ tax deductions to be limited

by Jessica Garbett | May 2, 2017 | ACCA, business taxation

Changes aim to align UK and non-UK schemes. From 6 April 2017 the following will apply: Where a foreign pension or lump sum is paid to a UK resident, 100% of the pension arising will be chargeable to UK tax (to the same extent as if they had been paid from a...

Scotland’s tax-setting powers increase

by Jessica Garbett | Apr 26, 2017 | ACCA, business taxation, personal taxatation

Scottish Parliament gains full control over residents’ income tax. From April 2017, the UK government will devolve further legislative powers to set income tax rates and thresholds applying to employment, pensions and property income (‘non-savings, non-dividends’...

Scottish tax rates come into force

by Jessica Garbett | Apr 25, 2017 | ACCA, business taxation, employer returns

Different rates now apply to taxpayers in Scotland. The Scottish Finance Bill 2017/18 has been passed by the Scottish Parliament, freezing the basic rate of income tax at 20%. It also freezes ‘the higher and additional rates at 40% and 45% respectively’, and...

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Major amendments to the Finance Bill

Relief for carried-forward losses

Interest on loans from residential property income

Companies’ tax deductions to be limited

Scotland’s tax-setting powers increase

Scottish tax rates come into force

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