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Revenue success in treaty residence case

Obtaining non-UK residence status under a foreign double tax treaty may be more difficult for trusts and companies following a recent Court of Appeal decision.

31 August 2010

Changes to employer supported childcare from April 2011

HM Revenue & Customs (HMRC) has issued further guidance notes aimed at employers and employees on previously announced changes to childcare voucher schemes and directly contracted childcare which take effect from April 2011. The changes will restrict the tax and National Insurance (NI) exemptions available to new entrants to these schemes from 6 April 2011.

Charities face up to challenging financial situation

All involved in running or managing charities of any size need to take account of changes both in government support and imminent tax changes. All of these are likely to have a negative effect on charities in 2011.

All change for pension tax relief next year

The government have announced the limits on tax relief for pension provision from next April. The limit will apply to the amount of pension contributions paid by or on behalf of individuals and to a deemed increase in the future pension entitlement under a final salary pension scheme.

Shareholders in private companies may be able to take cash out of their company paying tax at less than 10%

Shareholders of private companies can choose how to take profits out of their company. Usually the choice is between bonus and dividends. However, the tax cost of these options is rising with the introduction of the 50% top rate of income tax plus national insurance contributions adding further to the cost of bonuses and the high rate of tax on dividends.

What about the workers! – Entrepreneurs’ relief

Entrepreneurs’ relief is a valuable tool with tax savings of up to £900,000 on current rates but not all shareholders can benefit from it. However, it may be possible to arrange a share incentive scheme for employees that also allows them to benefit from entrepreneurs’ relief.

A Swift Clarification is Needed

A recent tax case involving an individual’s double tax relief claim could have significant implications for UK multinational groups with a US limited liability company (LLC) in their structure.

Best Tax Team in a Large Firm 2010

Our Employment Tax Services team has been awarded the 'Best Tax Team in a Large Firm' at this year's LexisNexis Taxation Awards.

Property tax - Tough times for landlords

Both tenants and landlords are facing unplanned costs in their businesses. Trading companies that are tenants may have to make a penalty payment to exit a lease early when the landlord is unlikely to find anyone willing to occupy the premises at similar rental levels. On the other hand, to attract tenants to a vacant property a landlord will have to offer incentives to prospective tenants.

Withdrawal of higher rate tax relief for childcare provision

Following the December 2009 announcement regarding the future restriction of tax relief on the provision of childcare and childcare vouchers, on 19 February 2010HM Revenue and Customs published a Technical Note on the proposals.

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