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FL Memo Ltd © 2010

Tax Memo 2009-2010 Newsletter Issue 3 (June 2010)

Welcome to the third newsletter for the 2009/10 edition of Tax Memo. This pulls together all relevant announcements made by the Chancellor in the Budget on 22 June 2010 to provide a comprehensive analysis in one document. The relevant paragraphs in your Memo product will also be updated individually online.

The first Budget of the new coalition Government was expected to concentrate on public spending more than tax rises and this was certainly the case. However, a number of new measures, along with previous announcements that hadn’t made it into the statute book, will keep tax advisers busy for a number of months.

As well as the substantive announcements a number of consultations are due to be undertaken, in such areas as the reform of the corporation tax system, the taxation of non-domiciled individuals and an examination of how to make the PAYE system simpler, perhaps introducing more regular or real time filing.

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 3

June 2010

In this issue…

Corporation tax

»               Capital allowances: rates and allowances

»               Rates

»               Consortium relief

»               Zero-emission goods vehicles

»               Changes to research and development criteria

»               Further changes to worldwide debt cap rules

»               Changes to dividend exemption rules

»               Real Estate Investment Trusts

Income tax

»               Guardians and kinship carers

»               Shared lives carers

»               Furnished holiday lettings

»               Individual Savings Accounts (ISAs)

»               Deduction of tax at source

»               Venture Capital Trusts (VCT) and Enterprise Investment Schemes (EIS)

»               Enterprise Management Incentive (EMI) schemes

»               Tax credits

»               Pension contributions - high earners

»               Pension income - annualisation by age 75

»               Personal allowance

»               Pensioners’ personal allowance

»               Overseas issues: seafarers

»               Rates of tax

PAYE and NIC

»               NIC standard rate threshold

»               NIC standard rate

»               NIC reduction for new regional businesses

»               NIC class 4 rate

Capital gains tax

»               Rates

»               Adult placement carers

Trusts, settlements and estates

»               Repayment of tax to settlor

»               Charitable trusts for asbestos victims

Value added tax

»               Time of supply

»               Flat rate scheme percentages

»               Flat rate scheme thresholds

»               Late filing of returns and payment of VAT

»               Rate of VAT

»               Postal services exemption

»               Zero-rating of aircraft

»               Lennartz mechanism

Stamp taxes

»            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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