Posts Tagged ‘UK’

UK Tax Budget 2012

Monday, April 23rd, 2012

UK Tax Budget 2012 – The Association of Taxation Technicians has produced a Special Report on the March Budget in their April 2012 Newsletter. The full Report is detailed below:

The contents of George Osborne’s third Budget were so well rehearsed that the real thing threatened to be an anti-climax. Was there anything left that the Chancellor could surprise us with, especially as he had such little fiscal room for manoeuvre?

The answer was both yes and no. After all the income tax rumours, Mr Osborne decided to make the change to 45% from April 2013. His 2013/14 increase in the personal allowance allowed him to start phasing out the age allowance – an unexpected revenue-raising ploy.

Income tax bands, rates and personal allowances All income tax rates for 2012/13 will remain at their 2011/12 levels. For 2013/14 the personal allowance will rise from £8,105 to £9,205 and there will be a £2,125 reduction in the basic rate limit from £34,370 to £32,245.

From 2013/14, there will be no increase in the age-related personal allowances and their availability will be restricted to people born before 6 April 1948 for the allowance worth £10,500, and 6 April 1938 for the allowance worth £10,660. The aim is to phase out the age-related allowances within a few years. For 2013/14 the additional rate of tax will be reduced from 50% to 45% (from 42.5% to 37.5% for dividends). The rates of tax for trusts will be similarly reduced.

A cap on unlimited income tax reliefs will apply to income tax reliefs that individuals will be able to claim from 6 April 2013. The cap will apply only to reliefs that are currently unlimited – e.g. qualifying interest payments. For anyone seeking to claim more than £50,000 in reliefs, a cap will be set at 25% of income (or £50,000, whichever is greater). (more…)

UK to Remain Top Islamic Financial Hub in Europe

Monday, December 12th, 2011

The UK and London will remain the world’s leading international and Islamic financial centres, said British Ambassador Iain Lindsay at a UK roundtable discussion at the WIBC.

‘Islamic finance, like every other type of financial activity, benefits from the UK’s combination of experience, variety of skills, geographic location, infrastructure, transparency and openness,’ he said.’ The UK recognises the tremendous opportunities that Islamic financial services have to offer. (more…)

KPMG Survey Suggests Progress on UK Tax Competitiveness

Tuesday, November 29th, 2011

According to Andrew Goodall, at the Tax Journal, the UK’s corporate tax competitiveness ‘appears to have finally turned a corner’, KMPG said as it summarised the findings of a survey of 50 large businesses operating in the UK.

In 2009 only 17% of respondents said the UK had ‘the most competitive tax system compared to key competitors’ but the corresponding figure in this year’s survey was 27%, the firm said. (more…)

UK Tax Agreement with Switzerland

Monday, October 3rd, 2011

The UK government has agreed measures with Switzerland to tackle offshore tax evasion. Under the terms of an agreement, existing funds held by UK taxpayers in Switzerland will be subject to a significant one-off deduction of between 19% and 34% to settle past tax liabilities. (more…)

UK Concludes Tax Agreement with Switzerland

Monday, August 29th, 2011
As reported by Grant Thornton, the HM Treasury has announced that it has signed an agreement with the Swiss Government that will mean Britons who hold funds in Swiss accounts will pay tax at 27% – 48% on their Swiss income and gains. (more…)

Home or Away – UK Statutory Residence Test

Friday, August 19th, 2011

Home or Away – UK Statutory Residence Test

HM Treasury has published a Consultative Document on the possible statutory definition of residence. A further document was issued on the same day regarding proposals to reform taxation of non-UK domiciled residents. The proposed new Statutory Residence Test classifies migrant individuals as “arrivers” (those who have recently come to the UK), “leavers” (who have recently left the UK) or “full time workers abroad”. (more…)

OECD: Average tax burden on workers’ earnings was reduced in 2009

Wednesday, May 12th, 2010

As reported in the OECD page, average tax and social security burdens on employment incomes fell slightly in 24 out of 30 OECD countries last year as governments struggled to shore up faltering economies amid the worst recession in decades. But whether this trend will continue this year is uncertain given the widespread pressures on public budgets.
(more…)

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