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22 November 2017

Indexation allowance to be frozen for company Capital Gains

on Wednesday, 22 November 2017.

In a surprise announcement, indexation allowance - which allows a measure of inflation to be taken into account when calculating a Capital Gain made by a company - will be frozen at the end of this year, so that any gains made in the future will only be indexed up to December 2017. This removes a key relief from Corporation Tax, particularly for companies holding properties.

22 November 2017

Stamp duty abolished for most first-time buyers from today

on Wednesday, 22 November 2017.

In a welcome measure, Philip Hammond announced that, with effect from today, first-time buyers will not have to pay any stamp duty land tax on properties costing up to £300,000. For properties costing over £300,000 but less than £500,000 a 5% rate will apply to the value over and above £300,000, while properties costing over £500,000 will still be subject to full rates.

06 November 2017

Corporation Tax losses: A review of the changes

on Monday, 06 November 2017.

From April 2017, the tax treatment of carried forward losses was reformed for limited companies.

In this month’s Tax News we take a look at the changes, which expand the scope for claiming relief for losses in future years.

02 October 2017

HMRC's new dynamic coding is here: But is it any good?

on Monday, 02 October 2017.

Following initial delays, HMRC’s dynamic coding system is now up and running, and aims to speed up changes to PAYE tax codes to collect underpaid tax.

In this month’s Tax News we take a look at how the system works, and highlight some early teething issues to watch out for.

30 August 2017

Higher penalties for offshore disclosures from September 2017

on Wednesday, 30 August 2017.

In a bid to improve global tax transparency, the new Common Reporting Standard gives HM Revenue & Customs access to information from over 100 jurisdictions.

In this month’s Tax News we take a look at the changes, which are expected to spell the end of reduced penalties for ‘unprompted’ disclosures from September 2017.
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