Buzzacott news and insights provide updates on key changes and in-depth information in our areas of specialism.
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The R&D tax credit is designed for businesses that have created a new process, product or service, rewarding them for their technological innovation.
On 19 August 2016, the Government published a further consultation document that includes their proposed rules for non-UK domiciled individuals (“non-doms”) and their offshore structures that will apply from April 2017.
For "non-doms" with offshore trusts and companies, these proposed changes will have a material impact on their UK tax position without good advice and planning.
In April 2017 the "non-dom" world will once again change beyond recognition. Here we explain the good and the bad sides to the potentially very generous transitional rules that could save those who qualify material amounts in UK tax.
UK residential property will no longer be able to be sheltered from the UK’s Inheritance Tax regime by using a non-UK company. For those who own their UK residential properties through a trust structure, the position could be markedly worse from April 2017.
The immediate aftermath of the referendum saw headlines of 8% falls for the FTSE 100 and 30-year lows for the pound against the dollar. However, a few months down the line the repercussions for investment in particular have not lived up to the bleak picture anticipated.
In the US, the Labour Day holiday is recognised as the end of summer and, once every four years, the start of the US presidential election cycle. Whatever the outcome of the 2016 US presidential election, there are likely to be significant tax changes.
HMRC launched an enquiry into one of Mr Mabbutt’s Tax Returns but the First-Tier Tribunal concluded that HMRC’s letter did not constitute a valid notice of enquiry because it was not accurate. This decision may cause HMRC to revisit their templates and training to ensure that all future enquiries can only be issued on a standard letter.