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Tax updates

Budget 2012 - tax relief

The government has set a new cap on income tax relief.

Budget 2012 - offshore loophole closed

The government has closed a loophole around the payment of stamp duty land tax.

Budget 2012 - Stamp Duty land tax rate

The government has introduced a lighter version of the proposed 'mansion tax' that will introduce a higher rate of stamp duty on properties over £2 million.

Budget 2012 Updates

Taxguide.co.uk takes a look at a number of changes

CD trading VAT loophole to close

A VAT loophole that allowed Guernsey and Jersey-based traders to avoid VAT is to be closed by the government.

Update to rule on smartphones

HMRC has made a change that has seen smartphones such as the Blackberry reclassified as mobile phones.

Update on rental income

Nicola Plant of Pemberton Greenish provides an update on changes to the way that rental income is taxed.

Change to tax during liquidation process

Menzies has reported on changes to the cost of dissolving small companies that it argues will increase the costs for business owners.

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Tax Credits and Working Age Benefits

The Autumn Budget Statement confirmed that the child and disability elements of tax credits will rise, from April 2012, by the level of Consumer Price Index (CPI) inflation in the year to the end

State Pensions

In April 2012 the Basic State Pension will be increased in line with CPI inflation in the year up to the end of September 2011 (5.2 per cent).

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