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Tax updates

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).

New Tax Efficient Investment Scheme Launched

The government has announced the creation of Seed Enterprise Investment Schemes (SEISs) which will be available from April 2012 and will run alongside the existing Venture Capital Trusts (VCTs) a

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Enterprise Zones – Capital Allowances

Businesses in six of the recently created Enterprise Zones will now be able to claim 100 per cent capital allowances for spending on plant and machinery made between April 2012 and March 2017.

Capital Gains Tax allowance freeze

The annual capital gains tax (CGT) allowance will not, as announced in the 2011 Budget, be increased at the rate of inflation in April 2012.

Business Rates

The Chancellor has announced that the current scheme for business rate relief will be extended for a further six months after the current deadline of October 2012.

ISA Allowance 2012 Update

Following the Consumer Price Index (CPI) inflation figure of 5.2%, for the year to the end of September 2011, the ISA allowance for 2012-13 has now been confirmed. 

Junior ISAs Launched

Junior ISAs (JISAs), the replacement for the Child Trust Fund (CTF), were launched on 1 November 2011.

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