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FL Memo Ltd © 2010

Tax Memo 2009-2010 Newsletter Issue 2 (March 2010)

Welcome to the second newsletter for the 2009/10 edition of Tax Memo. This pulls together all relevant announcements made by the Chancellor in the Budget on 24 March 2010 to provide a comprehensive analysis in one document. The relevant paragraphs in your Memo product will also be updated individually online.

The final Budget of the current Parliament was always expected to be more political than financial in nature, and the speech itself was. But the usual raft of Budget notices and documents contained some significant changes, particularly in relation to investment, be it in plant, property or new businesses, with increases in the annual investment allowance, a new relief on “green” vans and the extension of the SDLT 0% band for first-time buyers. The following pages contain details of these changes and the others announced.

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.


BUDGET 2010

TAX MEMO 2009-2010

Newsletter Issue 2

March 2010

In this issue…

Corporation tax

»               Zero-emission goods vehicles

»               Environmentally friendly assets

»               Annual investment allowance changes

»               Share Incentive Plans

»               Further changes to worldwide debt cap rules

»               Real Estate Investment Trusts

»               Rates

»               Gift aid and charities

»               Sale of lessor companies

»               Loans to participators

»               Disclosure of tax avoidance schemes

Income tax

»               Guardians and kinship carers

»               Restriction of property losses

»               Individual savings accounts

»               Venture capital and enterprise investment scheme changes

»               Employer-supported childcare

»               Zero-emission vehicles and low emission cars

»               Company share option plans

»               Enterprise management incentives

»               Pension schemes

»               Transactions in securities

»               Life policies: deficiency relief

»               Increased penalties

PAYE and NIC

»               Security for PAYE

Capital gains tax

»               Entrepreneurs’ relief

Inheritance tax

»               Nil rate band

Trusts, settlements and estates

»               Repayment of tax to settlor

Value added tax

»               Registration and deregistration thresholds

»               Fuel scale charge

»            Postal services exemption

»               Emissions allowances: reverse charge

»               Zero-rating of aircraft

»               Lennartz mechanism

Stamp taxes

»               New top SDLT rate and 2-year increased exemption

»               SDLT, partnerships and anti-avoidance

»            Overpayments of SDLT

 

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.

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