The following Owner-Managed Businesses guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
Draft legislation for the next Finance Bill will be published on Tuesday 20 July 2021.
The Treasury has announced that draft clauses for the next Finance Bill, which will largely cover pre-announced policy changes, will be published on Tuesday, 20 July, together with accompanying explanatory notes, tax information and impact notes, responses to consultations and other supporting documents.
Regulations, SI 2021/810 amend the Tax Credits (Definition and Calculation of Income) Regulations, SI 2002/2006 to ensure that payments under the COVID Local Support Grant and equivalent devolved administration schemes are disregarded as income for the purposes of tax credits. The Child Benefit (General) Regulations, SI 2006/223 are also amended.
These Regulations amend SI 2002/2006 to include a reference to the COVID Local Support Grant which means recipients will receive the full benefit of the support payment. The COVID Local Support Grant is an extension and follow-on scheme to the earlier COVID Winter Support Grant. This scheme provides additional support for children, families and the most vulnerable during the period of lockdown restrictions.
These Regulations also correct an error in the previous iteration of item 40 in Table 6 of Regulation 19 of SI 2002/2006 regarding the words ‘over the same period’ by removing the unnecessary wording.
These Regulations also make consequential amendments to SI 2006/223 to extend the definition of ‘approved training’ for the purposes of calculating entitlement to Child Benefit and Child Tax Credit. This is a minor change following the introduction of a new ‘Skills for Life and Work’ training programme for young persons in Northern Ireland.
These Regulations come into force on 29 July 2021.
The Office of Tax Simplification (OTS) has published a policy paper to set out a vision for how the Government could make tax easier for people through making better use of data held by third-parties,
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‘Bed and breakfasting’ was the pre-1998 practice of selling shares and repurchasing them the following day. This technique can still be used in a modified form to achieve capital gains tax (CGT) savings for current or future tax years using:•a spouse / civil partner•a self-invested pension plan
Class 2 and Class 4 national insurance contributions (NIC) are paid by self-employed individuals and partners in a partnership on their profits arising within the UK. This guidance note considers Class 4 contributions. For Class 2 contributions, see the Class 2 national insurance contributions
The transactions in securities (TiS) legislation is anti-avoidance legislation aimed at situations where close company shareholders have engineered a disposal of shares to obtain a beneficial capital gains tax (CGT) rate, ie avoid income tax, on specified transactions.The targeted anti-avoidance
Investors’ relief is a capital gains tax (CGT) relief on the disposal of qualifying shares in an unlisted company. A taxpayer making a disposal that qualifies for investors’ relief will pay tax at a rate of 10%.Although it is a separate relief, the rules for investors’ relief were intended as an
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