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Archive for March 2011

Stamp Duty Land Tax case won by taxpayer

The first Stamp Duty Land Tax (SDLT) case taken to the Tax Tribunal by HMRC has been won by the taxpayer. This victory is a vindication of the interpretation commonly applied to one aspect of SDLT regulations by experts although an appeal by HMRC is expected. SDLT applies when property above a certain value is…

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A budget for Enterprise

The Chancellor, George Osborne, today set out the key aims of his 2011 Budget as reforming the economy to produce “strong, sustainable and balanced growth that is more evenly shared across the country and between industries”. In pursuit of these aims he has announced a number of measures to encourage business and enterprise. One key…

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Budget countdown for higher earners

With less than a week to go before the Budget the rumour mill is in full spate. With every passing remark being scrutinised in depth by the financial press it is sometimes difficult to differentiate between controlled leak and mere speculation. One area hitting the headlines recently has been that of Venture Capital Trusts (VCT).…

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Income tax planning 2010/11

HMRC has issued a timely reminder to everyone filing Income Tax Self Assessment (ITSA) Tax Returns that the new penalty regime for late filing of returns starts shortly. This includes not only an initial £100 fine but daily charges of £10 for the first 90 days, followed by further charges and interest. One major change…

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A taxing time

The Japanese earthquake and tsunami has shocked everyone around the world and our thoughts are with the Japanese people as they start the task of reconstruction. As the full scale of the disaster unfolds the financial markets are still trying to assess what the eventual fall out will be. At the time of writing, whilst…

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Time is running out for year end tax planning

Time is fast running out for those looking to complete their tax planning for the 2010/2011 tax year. With only just over three weeks in which to review, plan, complete applications and transfer funds the clock is ticking for those wanting to maximise ISA allowances let alone take advantage of pension and other tax planning…

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Helping the country whilst mitigating tax

Top rate tax payers have only a short time left to take advantage of a Government backed tax mitigation scheme warns Newshams Tax Solicitors. The current scheme which gives tax relief for investments in Enterprise Zone development and which has been running since the early 1980s is due to expire at the end of the…

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An enterprising way to mitigate tax

Rightly or wrongly the perception of many people is that the Government’s main preoccupation is to find ways of increasing tax. With the inevitable consequence of the recent recession it is true that tax allowances and rates are changing and regular studies report on how this will affect one sector of society or another. It…

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