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Finance (No.3) Bill published

15/11/2018

As expected, the government published Finance (No.3) Bill on Wednesday, 7 November 2018. The Bill is so named as it is the third Finance Bill in the current special two-year session of Parliament. The Bill contains the legislation for many of the tax measures announced by the Government at Autumn Budget 2017 some of which have since been...

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Directors’ loans – tax consequences for your company

15/11/2018

There are tax consequences for both companies and directors relating to the issue of director’s loans. We will examine below some of the implications if a company facilitates loans to a director. A director’s loan comprises not just an actual loan, but can also include other payments made by the company for the personal benefit of a...

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Directors’ loans - tax consequences for the director

15/11/2018

An overdrawn director's loan account is created when a director (or other close family members) 'borrows' money from their company. Many companies, particularly 'close' private companies, pay for personal expenses of directors using company funds. Where these payments do not form part of a director’s remuneration, they are usually posted...

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ISAs and Inheritance Tax

15/11/2018

New rules were introduced by the Government in 2015 that allow for the spouse or civil partner of a deceased ISA saver to benefit from additional ISA benefits. Under the rules, if an ISA saver in a marriage or civil partnership dies, their spouse or civil partner inherits their ISA tax advantages. Surviving spouses are able to save an...

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Employment status of football referees

15/11/2018

A recent First-Tier Tribunal case examined the complex issue of whether a group of 60 football referees should be classified as employees or self-employed. HMRC argued that the Professional Game Match Officials Limited (PGMOL) was the employer of the group of football referees in question. On this basis, HMRC raised assessments for a...

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Holiday let property and Business Property Relief

15/11/2018

Business Property Relief (BPR) is an attractive tax relief for taxpayers with business interests, offering either 50% or 100% relief from Inheritance Tax (IHT) on the value of their business assets if certain conditions are met. The relief can even be used whilst the donor is still alive, and the estate can still get BPR on qualifying...

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Foreign currency considerations

15/11/2018

There are special rules that must be considered when buying and selling assets in foreign currency. This is sometimes known as a barter transaction. As a general rule when a foreign currency transaction takes place at arm's length, the value of the consideration is the sterling equivalent of the amount paid for the asset at the date of...

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UK Living Wage rates rise

15/11/2018

The Living Wage Foundation (an initiative of Citizens UK) recently announced Living Wage rates for London and the UK at £10.55 an hour and £9 an hour respectively. These Living Wage rates are not statutorily binding but represent an increase of 25p in the UK and 35p in London over the current rates. The new Living Wage rates were...

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SDLT payment deadline to be reduced

15/11/2018

Stamp Duty Land Tax (SDLT) is a tax that is generally payable on the purchase or transfer of land and property in England and Northern Ireland. It is also payable in respect of certain lease premiums. Higher rates of SDLT were introduced on 1 April 2016 and apply to purchases of additional residential property such as buy to let and...

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Security guidance on encryption and passwor

13/11/2018

The Information Commissioner's Office (ICO) has published updated security guidance on encryption and on passwords in online services under the GDPR. The GDPR requires data controllers to implement appropriate technical and organisational measures to ensure they process personal data securely. Article 32 of the GDPR includes encryption...

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