The change to business taper relief whereby business assets will attract 75% relief once they have been held for four years compared to the mere 40% relief available after ten years of ownership for non-business assets is a boost for business owners who are contemplating the sale of their businesses. However, the change means that it is more important than ever to ensure that the business taper scale is obtained and so businesses should continue to consider whether it is prudent to hold large amounts of cash or investments within the company as opposed to extracting cash from the company in a tax efficient way, either in the form of dividends or via the salary and pension route.
As a result of last year's Budget■ With effect from 1 April 2000, there is to be a new 10% rate of corporation tax for profits up to £10,000. Marginal relief will apply to mean that an effective rate of 22.5% will be paid on profits between £10,000 and £50,000 at which point the 20% […]
Five hundred carpetbaggers expelled by the Portman Building Society may soon be able to appeal to the Building Society OmbudsmanThe aggrieved former members were expelled from the society in January after campaigning for the Portman to demutualise.The expelled members were offered just £50 compensation for their inconvenience. They have been going through Portman's internal complaints […]
The group relief rules for companies will be modernised to allow groups and consortia to be established through companies resident anywhere in the world. The changes are intended to respond to the increasing globalisation of business and will give multinational groups of companies greater flexibility in structuring their commercial activities in the UK. The changes […]
The announcement of a £17bn surplus in the Budget has raised fears of a further fall in the value of annuities, plunging more pensioners into a funding crisis over retirement income.Industry experts believe the surplus means that the Government will not need to make any further public borrowing, which will have a knock-on effect on […]
The fastest growers in the Artemis Global Select Fund this year were also the largest companies, Amazon and Nike. Simon is looking to buy more like them in 2016.
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It is likely the increased regulatory scrutiny on fund managers’ value could filter down to advice firms in the future In my last article, I considered the influence a non-executive director could have in challenging an advice firm’s business model in light of the pension transfer issues. Now, in its asset management market study final […]
The financial services industry has failed to find ways of nudging consumers to think about their options at retirement, despite three years of pension freedoms. A panel at the Association of British Insurers retirement conference today lamented the way companies talk to people about pensions and the lack of engagement it inspires. ABI director general […]
The new chief executive of the single financial guidance body can expect a salary of £175,000 a year, according to a job advert posted online. The advert, posted on the Cabinet Office website says applications will close in mid-May with final interviews held in early July. The date for announcing the successful candidate has not […]