Proposed amendments to CAA 2001 will ensure that rules for calculating the lessee’s disposal value at the end of a long funding lease ‘operate as intended so that the relief available by way of capital allowances does not exceed the net expenditure of the lessee not otherwise relieved’.
Finance Bill 2012 will amend the settlements legislation to close an avoidance scheme involving corporate settlors. The purpose of the changes is to confirm that ‘income arising under a settlement is treated as that of the settlor only where the settlor is an individual’.
The Finance Bill will amend the SDLT rules on a transfer of rights (or sub-sale) ‘so that the grant or assignment of an option cannot be a transfer of rights’.
Finance Bill 2012 will amend ITTOIA 2005 s 168 to deny an income tax or corporation tax deduction being given where a payment ‘arises from avoidance arrangements’.
Finance Bill 2012 will contain anti-forestalling legislation to ensure that changes announced in the Budget to the VAT liability of (a) supplies of self storage facilities and (b) supplies of services and materials in connection with approved alterations of protected buildings are ‘fully effectiv
Revenue & Customs Brief 07/12 sets out changes to Intrastat declaration procedures for businesses with intra-EU trade in excess of £600,000 pa for arrivals (‘EU imports’) and/or £250,000 pa for dispatches (‘EU exports’).
The Qualifications for Appointment of Members to the First-tier Tribunal and Upper Tribunal (Amendment) Order, SI 2012/897, amends the grounds of eligibility for appointment as a non-judge member of the First-tier Trib
Eleven tax professionals offer their immediate reaction to the Budget proposals
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