The Chancellor announced the designation of eight areas across Great Britain that will become Freeport locations. These locations will benefit from a range of tax reliefs to encourage investment.
SME Tax News
In Odey Asset Management LLP & Ors v HMRC TC08018, the First Tier Tribunal (FTT) found that a Limited Liability Partnership (LLP) scheme to reallocate profits via a corporate vehicle using allocations of Special Capital failed to work. The allocations were chargeable to Income Tax on the individual partners.
Hello
We are continuing our review of budget 2021 this week and we take a look at some of the new consultations. We have been having some debates, internally, on a couple of topical issues: these centre on the practicalities of incorporating a buy-to-let portfolio and on building your own office at home.
HMRC’s latest Employment-Related Securities Bulletin focuses on the impact of COVID-19 on employee share and incentive schemes. Here is our enhanced version.
In March 2021, HMRC published a consultation on the scope of 'R&D Tax Reliefs', this reviews the nature of private-sector R&D investment in the UK, how that is supported or otherwise impacted by the R&D relief schemes, and where changes may be appropriate.
In March 2021, HMRC responded to its 2020 consultation, 'The scope for qualifying expenditures for R&D Tax Credits', it now plans to review the case for the widening of qualifying R & D expenditure.
Penalties and interest: key measures included in Budget 2021 and Finance Act 2021.
HM Treasury has issued a Call for Evidence to review Enterprise Management Incentives (EMI). It follows the Chancellor’s announcement in Budget 2021 whether the EMI scheme should be extended to include more companies.
In HFFX LLP & Ors v HMRC [2021] TC8023, the First Tier Tribunal found that a LLP scheme to reallocate profits via a corporate vehicle using allocations of special capital failed to work and those allocations were chargeable to Income Tax on individual partners.
In the 2021 Budget, the Chancellor announced that the rate of Corporation Tax would change with effect from 1 April 2023. This was legislated in Finance Act 2021.