Contents: Tax Memo 2009-2010 Newsletter Issue 1 (December 2009)

Tax Memo 2009-2010 Newsletter Issue 1 (December 2009)

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Welcome to the first newsletter for the 2009/10 edition of Tax Memo. This pulls together all relevant announcements made by the Chancellor in the Pre-Budget Report on 9 December 2009 to provide a comprehensive analysis in one document. The relevant paragraphs in your Memo product will also be updated individually online.

Along with the changes detailed in the following pages, other measures which have been the subject of much commentary, have been brought in. From 9 December 2009, steps have now been taken to tax bonus payments to bankers and anyone whose work is regulated directly or indirectly by the Financial Services and Markets Act 2000; potentially this is a much larger group than may have been anticipated. In addition, a new landline duty will apply from 6 April 2010.

We believe that you will find this newsletter useful and informative in advising you about the changes and welcome any comments you may have as to how we can improve our service. We look forward to receiving your emails at flm@flmemo.co.uk.

PRE-BUDGET REPORT 2009

TAX MEMO 2009-2010

Newsletter Issue 1

December 2009

In this issue…

Corporation tax

» Countering leasing schemes

» Restrictions on capital allowances on successions

» Allowances for electric vans

» Changes to research and development criteria

» Changes to debt cap rules

» Power to amend loan relationship rules

» Rates

» Sale of lessor companies—alternate treatment and consortia

Income tax

» Trading income: Special trades

» Income from land and property: Furnished holiday lettings

» Earnings: Regular payments

» Provision of meals and canteen facilities

» Company cars

» Car fuel benefit

» Company vans

» State benefits: Child tax credits

» State benefits: Working tax credits

» State benefits and pensions: Retirement provision—high earners

» Pensions: Unregistered schemes

» Overseas issues: Seafarers

» Computation: Allowances

» Computation: Rates of tax

» Administration: Penalties

PAYE and NIC

» NIC rates

Capital gains tax

» Adult placement carers

Inheritance tax

» Inheritance tax : Calculation

» Chargeable lifetime transfers

Trusts, settlements and estates

» Inheritance tax and trusts: Chargeable trusts

Value added tax

» Rate increase and the flat rate scheme

Stamp taxes

» Stamp duty land tax

» Stamp duty reserve tax

Appendix

» Rates of tax

» Allowances

» Child tax credits

» Working tax credits

» Inheritance tax rates

Disclaimer

This newsletter is provided on the understanding that the information contained within it is for guidance only, and that the publisher is not in business to provide legal or accounting advice or other professional services. Readers entering into transactions on the basis of, or otherwise relying on, such information should seek the services of a competent professional adviser.

While every care has been taken to ensure the accuracy of the contents, the editors and the publishers cannot accept responsibility for any loss occasioned to any person acting or refraining to act as a result of any statement in this newsletter.