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Welcome to the second newsletter for the 2010/11 edition of Tax Memo. This pulls together all relevant announcements made by the Chancellor in the Budget on 23 March 2011 to provide a comprehensive analysis in one document. The relevant paragraphs in your Memo product will also be updated individually online. A number of the Government’s proposals for the Budget were announced ahead of time, some as far back as the previous Budget. But there were still a great deal of new measures, as well as adjustments to previous ones. A number of steps have been made towards simplification and also towards reform that has been in the pipeline for a number of years. Details of all of these can be found in the newsletter. 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. |
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TAX MEMO BUDGET 2011 NEWSLETTER |
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Newsletter Issue 2 |
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March 2011 |
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In this issue… » Accounting for leases » Safety at sports grounds » Expenditure on environmentally friendly assets » Annual investment allowance » Writing down allowances » Short life assets » Anti-avoidance involving long funding leases » Business premises renovation allowance » Flat conversion allowances » Land remediation allowance » Research and development expenditure » Application of worldwide cap rules » Group mismatch schemes » Derecognition of loan relationship amounts » Extension of matching for loan relationships » Rates » Associated companies changes » Degrouping charges » Capital losses of companies joining a group » Sale of lessor companies » Controlled foreign companies » Taxation of foreign branches » Income from land and property: Furnished holiday lettings » Savings and investments: ISAs » Savings and investments: Junior ISAs » Savings and investments: Deductions of tax at source » Enterprise Investment Scheme (EIS) and Venture Capital Trusts (VCTs) » Community Investments Tax Relief (CITR) » Allowances for use of employee’s own car or van » Employer supported childcare » Company cars » Company cars: Fuel benefit » Tax credits » Child tax credit » Working tax credit » Pension fund: Savings limit » Pension fund: Benefits » Overseas issues: Residence » Overseas issues: UK taxation of non-domiciled individuals » Personal allowance » Age-related allowance » Blind person’s allowance » Rates of tax » Gift Aid » Gift Aid: Small donations » Gift Aid: Online filing » Married couple’s allowance » Overpayment: Donation to charity » PAYE: Disguised remuneration » Penalties for late payment » NIC: Indexation of rates, limits and thresholds » NIC: Reduction in the contracted out rebate » Chargeable persons: Non-domiciled individuals » Entrepreneurs’ relief limit increased » Allowances » Nil rate band » Reduced rate Trusts, settlements and estates » Transactions with a substantial donor » VAT registration and deregistration thresholds » Fuel scale charges » Imports into the UK » SDLT subsale relief and alternative finance » SDLT: Land exchanges » SDLT: Linked transactions » SDLT: Alternative property finance
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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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