As the vast majority of businesses in the UK fall within the definition of an SME the big tax issues for them are pretty much the big tax issues for everyone. Here is my top five from 2010:
1. CGT: the ups and downs
In the 2010 Emergency’ Budget the coalition government announced that the rate of CGT would increase straight away from a flat rate of 18% for all to a 28% rate for higher and additional rate taxpayers. It took effect from 23 June 2010.
The good news is that those eligible for Entrepreneurs’ Relief (ER) now have an enhanced relief paying an actual (rather than effective) rate of 10% to an extended first £5 million of lifetime gains regardless of levels of income.
Why it matters: It is unusual to see a change in a tax rate part way through the tax year....
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As the vast majority of businesses in the UK fall within the definition of an SME the big tax issues for them are pretty much the big tax issues for everyone. Here is my top five from 2010:
1. CGT: the ups and downs
In the 2010 Emergency’ Budget the coalition government announced that the rate of CGT would increase straight away from a flat rate of 18% for all to a 28% rate for higher and additional rate taxpayers. It took effect from 23 June 2010.
The good news is that those eligible for Entrepreneurs’ Relief (ER) now have an enhanced relief paying an actual (rather than effective) rate of 10% to an extended first £5 million of lifetime gains regardless of levels of income.
Why it matters: It is unusual to see a change in a tax rate part way through the tax year....
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
