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March 2016

  • Practical implications of the dividend tax allowance

    Newsletter issue - March 2016. The new rules governing the taxation of dividends are set to take effect in relation to dividends received after 5 April 2016. The changes include: a £5,000 dividend nil rate (also known as the 'dividend tax allowance' (DTA)), which will effectively tax at the nil rate, the first £5,000 of…More

  • Personal savings allowance update

    Newsletter issue - March 2016. From 6 April 2016, the personal savings allowance (PSA) will allow basic rate taxpayers to receive up to £1,000 of savings income tax-free. For higher rate taxpayers, this limit will be £500. HMRC have published guidance setting out details of what counts as savings income and how the allowance will…More

  • Landlords' replacement wear and tear allowance

    Newsletter issue - March 2016. Capital allowances are not available for expenditure on furniture and furnishings for use in dwelling houses. However, until 5 April 2016 (1 April 2016 for corporation tax) a deduction for wear and tear may be claimed (known as a 'wear and tear allowance election'), equal to 10% of the 'net…More

  • Employee bonus schemes in the spotlight

    Newsletter issue - March 2016. HMRC have recently published the latest addition to their tax avoidance guidance series, entitled Employee Bonus Schemes: Growth Securities Ownership Plan and other avoidance schemes based on contracts for difference (Spotlight 28). The Spotlight guidance confirms that, in HMRC's opinion, growth securities ownership plan schemes do not work and any…More

  • March Questions and Answers

    Newsletter issue - March 2016. Q. What are the implications of selling my Scottish home? I own and live in a property in Scotland. What are the implications of me selling the house to a relative, who will buy it using a buy-to-let mortgage, and allow me to stay in it and pay rent to…More

  • March Key Tax Dates

    Newsletter issue - March 2016. 19/22 - PAYE/NIC, student loan and CIS deductions due for month to 5/3/2016 31 - Last minute tax planning for the 2015/16 tax year. Ensure you use up all exemptions to which you are entitledMore

  • 2016 Budget News

    2016 Budget News Summary This Budget was all about 'putting the next generation first'. The Chancellor said there are tough challenges ahead - financial markets are turbulent, productivity growth across the west is too low, and the outlook for the global economy is weak. However, the Government remains committed to its long term stability plan…More

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