The following Employment Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
The Government announced at Budget 2021 that eight freeports in England will begin operations from late 2021. These are: East Midlands Airport, Felixstowe and Harwich, Humber, Liverpool City Region, Plymouth and South Devon, Solent, Teesside, and Thames. Discussions are ongoing regarding freeports in Scotland, Wales and Northern Ireland.
Finance Act 2021 provides the Treasury with powers to designate (by statutory instrument) ‘tax sites’ within a freeport, where certain businesses can benefit from enhanced tax reliefs.
enhanced rates of structures and building allowance ― see the Structures and bu
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Personal representatives are responsible for finalising the deceased’s tax affairs. They must file outstanding tax returns and claim any repayments due.For many estates where the deceased’s tax was deducted under PAYE on pensions or employment, a refund is likely to arise because the deceased is
What is transfer pricing?Transfer pricing is the prices at which an enterprise transfers either physical goods, intangible property or services, including financing arrangements, to associated enterprises. Generally, enterprises are associated if there is direct or indirect control by one of the
The married couple’s allowance (MCA) is only available if one of the two spouses or civil partners was born before 6 April 1935. This means that one member of the couple must be at least 87 years old on 5 April 2022 to qualify for an allowance in the 2021/22 tax year.There is a distinction in the
Interest paid on qualifying loans is deducted from the taxpayer’s total income (ie a Step 2 deduction from total income). See the Proforma income tax calculation guidance note.Interest on qualifying loans is usually paid gross by the individual borrower; tax is not withheld at source. This includes