Technical Updates

Introduction The Enterprise Investment Scheme (EIS) and Seed Enterprise Investment Scheme (SEIS) are designed to help businesses raise finance by offering investors generous tax breaks. These schemes are particularly popular with new companies as they help attract investors. While the tax relief for investors is extremely beneficial, ensuring that all the conditions to qualify for…

In this article we consider taxation issues which may need to be considered by persons coming to the UK and some of the steps which can be taken ahead of and / or shortly after becoming UK resident.

The Chancellor delivered his final Budget before the General Election which will take place later this year. He announced two headline changes, a further reduction in employee and self-employed national insurance contributions and the abolition of the regime for non-domiciled individuals. In addition, there were a number of other changes, notably in relation to the taxation of…

The chancellor announced the Spring Budget on 6 March 2024.  The remittance basis, forming part of the UK’s tax system for over 200 years, will be abolished from 6 April 2025, as will the determination of the scope of a person’s chargeability to UK Inheritance Tax (IHT) based on domicile. The remittance basis will be replaced with a new regime titled the “FIG regime”.…

Please click the download PDF button to view the UK Tax Data Card 2024/25.

The substantial shareholding exemption (SSE) rules broadly exempt from Corporation Tax the capital gain or capital loss arising on the disposal of certain shares. The conditions include that the shares are ordinary share capital in a trading company or the holding company of a trading group or subgroup where a number of requirements are met by the investing company and by the…

The Chancellor has presented his Autumn Statement, which seeks to address inflationary pressures, the tax burden, and the need for economic growth in the UK. The Statement focused on spending plans and incentives to promote business, with a number of tax and benefit measures which are summarised below.

The Chancellor of the Exchequer, Jeremy Hunt, delivered his Spring Budget. With the UK now projected to avoid a recession, the Chancellor focused on delivering the Government’s growth plans. As expected, there were no changes to headline tax rates or allowances but there were targeted measures on childcare and pensions to attract people back to work. PERSONAL TAXES AND BENEFITS…

BACKGROUND In October 2022, the government announced changes to the Corporation Tax rate from 1 April 2023, increasing the main rate of Corporation Tax to 25%. In addition, the standard small profits rate is reintroduced to ensure that companies with small profits pay corporation tax at a lower rate. In determining the rate of corporation tax for a company, its augmented profits…

The Chancellor has presented his Autumn Statement which addresses the significant economic challenges faced by the UK and the rest of the world, coming after the increase in government debt following the COVID-19 pandemic. The Statement focused on spending plans, but there are a number of tax and benefit measures which are set out below.

Please click the download PDF button to view our latest UK Tax Data Card. There is also a version of the tax data card which should be easier to read on a mobile device here. This UK Tax Data Card outlines key UK tax considerations for…

Since 6 April 2013, an individual’s residence status in the in the United Kingdom for each tax year has been determined by the The Statutory Residence Test (“SRT”). The objective of the SRT is to alleviate uncertainty surrounding an individual’s tax residency. Extensive guidance and examples as to how the rules operate have been published by HM Revenue & Customs. The test…