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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A majority of independent financial advisers think there should be a single rate of tax relief according to this week’s Money Marketing poll. More than 120 advisers took part in the poll with 77 in favour of a single rate of tax relief, 39 against and six undecided. Yellowtail Financial planning managing director Dennis Hall […]
The FCA has issued a warning over ‘commoditised’ defined benefit pension transfers running the risk of unsuitable advice. In a letter sent to advisers holding pension transfer permissions, the regulator reminds planners that a “key area” of its focus is on pension transfers, and that it will later this year be contacting all firms to […]
Problems look set to arise for pension schemes operating relief at source