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  • Corporation Tax Loss Relief - All Change From April 2017!

    At Budget 2016, the government announced that it would change the rules on carried-forward corporate tax losses, relaxing how carried-forward losses could be used by removing the ‘streaming’ provisions and allowing carried-forward losses to be relieved within a group. Lindsey Wicks examines the proposed changes to the corporation tax loss relief rules from April 2017...
  • Key Loan Relationship Rules Explained
    Corporation Tax Loss Relief - All Change From April 2017!Whether their owners realise it or not, companies large and small are affected by the loan relationship rules. The legislation is extensive and complex – over 400 sections (across CTA 2009, Pts 5-7). The rules apply to certain types of securities, financial arrangements and instruments – too many to mention - as well as to more mundane loans and other debts. Ken Moody selects some aspects of the loan relationship rules that may be relevant in an owner-managed business context...
  • More Pain On The Way For Family Companies?
    There was much to welcome about the new Chancellor’s Autumn Statement – not least that it was not by his predecessor, so was mercifully free of gimmickry! But both the speech and the accompanying documentation suggested that the government continues to harbour concerns about the tax cost of companies and incorporation.

    Lee Sharpe explains why he feels these concerns are ill-founded, and that it will almost certainly be family companies that pay the price with higher taxes.
  • Private Residence Relief For Landlords: When And How Much?
  • Lindsey Wicks looks at the mechanics of capital gains tax private residence relief, and how residential property landlords may be able to claim relief...
  • When A Casting Vote Matters!
  • Many owner-managed and family companies are owned by a small number of shareholders. It will sometimes be obvious whether a single shareholder has effective control of the company by virtue of their shareholding in it. This can be important for non-tax (e.g. commercial) reasons, but sometimes for tax purposes as well. Mark McLaughlin points out a possible trap and a planning point for company shareholders in relation to inheritance tax business property relief...
  • Partnerships - Are You Employed Or Self-Employed?
    It will often be clear whether someone is a partner in a partnership business and is a self-employed individual. However, even if there is a formal partnership identifying the business partners, it does not necessarily follow that all of the partners are self-employed. Mark McLaughlin points out that it can sometimes be difficult to know whether an individual partner is employed or self-employed...
  • Will The New Accounting Standard Affect Dividends?
    The new Financial Reporting Standard FRS102 is a comprehensive single reporting standard that basically replaces all previous standards, statements of practice, and related abstracts. Lee Sharpe gauges the potential effect of FRS102 on small company dividends...
  • Key Person Insurance – The ‘Ins’ And ‘Outs’
  • Businesses take out key person insurance (‘KPI’) for a variety of reasons and it is common commercial practice, so one might think that the tax treatment would follow a well-trodden path. Ken Moody looks at the tax treatment of a common type of insurance among business owners...
  • New Anti-Avoidance On Company Distributions In Winding Up
    Few would quarrel with measures to deter ‘phoenixism’ where a company is wound up and the shareholders receive capital distributions, which are liable to capital gains tax (at only 10% with entrepreneurs’ relief). A new company is then formed with the same members as the defunct company. But the new targeted anti-avoidance rule (TAAR) may potentially apply where no tax avoidance is intended. Ken Moody highlights a new targeted anti-avoidance rule aimed at discouraging ‘phoenixism’, but which could have wider implications...
  • Company Dividends: Common Pitfalls
    Despite dividends losing some of their appeal thanks to the changes announced in the 2015 Summer Budget, and implemented from 6 April 2016, they are still relatively tax-efficient, and are likely to remain the preferred method of extracting profits (broadly above the personal allowance) for many family-owned companies. Lee Sharpe looks at some of the dividend issues that trip up taxpayers and even some advisers...
  • Directors Loan Accounts: Allocate Your Repayments!
    The ‘loans to participators’ provisions are relatively well-known among potentially affected taxpayers (e.g. shareholders of family and owner-managed companies). Mark McLaughlin points out that allocating repayments to specific loans from a company can be beneficial...
  • Investors’ Relief –What Qualifies?
    At Budget 2016, the government announced an ‘extension’ of entrepreneurs’ relief to long-term investors in unlisted companies. This article looks at the evolution of this announcement into a relief more akin to the enterprise investment scheme (EIS) than entrepreneurs’ relief. Lindsey Wicks outlines a new relief offering company investors a capital gains tax rate of 10% on gains from the disposal of their shares if certain conditions are satisfied...
  • Tax Insider: Tax Tips
  • Tax Insider: Your Property Tax Questions Answered by Arthur Weller 

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