The Statutory Residence Test |
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At last we now have a statutory residence test which has been long overdue! The new rules should clarify who is, and who isn’t, deemed to be resident in the United Kingdom for taxation purposes.
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Loans from Close Companies to their Participators |
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On the 20 March 2013 the Government announced their intention to bring in legislation to counter various arrangements under which close companies seek to avoid a charge to tax when making loans to their participators. They also confirmed that they will be undertaking a wider review of loans to participators and it is understood that a consultation document will be published later this year.
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Treatment of Liabilities for Inheritance Tax (IHT) Purposes |
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IHT is normally charged on the net value of a deceased person’s estate after deducting the following:
- liabilities which were outstanding at the date of death
- reliefs
- exemptions and a nil rate band.
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Benefit in Kind Changes |
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Where a car is made available to an employee by reason of his employment the benefit-in-kind income tax charge is based on a percentage of the car’s list price, graduated according to the level of the car’s CO2 emissions measured in grams per kilometer. For 2013/2014 the range is 0% where CO2 emissions are less than 75 grams per kilometer up to 35% where a car’s CO2 emissions are more than 215 grams per kilometer.
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Capital Allowances and Cars |
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Businesses purchasing low CO2 emission cars (including electric cars) were eligible to claim 100% first year allowances on the cost of such vehicles up to and including 31 March 2013. The Chancellor has decided to extend this regime for a further 2 years (up to 31 March 2015) but the qualifying CO2 threshold was reduced on the 1 April 2013 from the previous level of 110grams per kilometer to 95 grams per kilometer.
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We do hope that you will find this short update useful. We have tried to keep the information here as simple as possible, but inevitably the ‘devil is in the detail’.
We would therefore urge you to contact us if any of the topics covered affects you or your plans.
If you do have any questions please do not hesitate to contact the Tax Department. |
London Office:
233 - 237 Old Marylebone Road,
London, NW1 5QT
Telephone: 020 7724 6060
Fax: 020 7724 6070
DX: 38756 Paddington |
Stevenage Office:
Oxford House, Caxton Way,
Stevenage, Herts, SG1 2XD
Telephone: 01438 847200
Fax : 01438 847150
DX: 6015 Stevenage |
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