Welcome to this month’s Tax Newsletter – and a Happy New Year to you. We are now less than four months away from the General Election and only two months away from Budget 2015, and whilst the only two certainties in life are meant to be death and taxes, the constantly changing landscape of tax ensures tax is anything but certain.
For example, who could have foreseen the surprise attack on incorporations in the Autumn Statement, denying a 10% tax rate on the disposal of goodwill to a limited company, and in many cases, the denial of the subsequent corporation tax relief on the write down of that goodwill?
There was also wide spread panic last year on the back-door attack on UK residents owning second homes, with the proposal that the ‘flipping’ election to exempt residences from capital gains would no longer be available; the proposals have thankfully been watered down unless you are non-UK resident or own a home abroad.
The constant proposals; consultations; revised proposals; shock announcements with immediate effect; draft legislation and actual legislation make it very difficult to plan for all eventualities, but the constant changes do mean that seeking regular up to date advice from your accountant has never been more important.
To read the full version click here to download the December/January 2015 Tax Newsletter
If you have any concerns over your own tax position, please do get in touch.