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Welcome to our February LiveWire The rapidly approaching 2008/09 tax year sees some of the biggest changes to the UK's tax legislation in recent history. With this in mind we have dedicated February's LiveWire to year-end tax planning hints and tips which are likely to have an impact on our readers. Issues that require your urgent attention include changes to the CGT regime (and an opportunity to increase the base cost of your assets), new capital allowances legislation, new domicile and residence rules and HMRC's proposals on income shifting between connected persons. We are also setting out a number of general year-end tax planning tips. The details set out below are designed to provide an outline of the changes and actions required and we would urge anyone who is affected by these to contact us. Kind regards Lesley Stalker |
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February 2008
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| CGT Changes and 'Banking' Indexation Allowances |
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| Indexation will be abolished under the new CGT legislation but a simple inter spouse transfer of assets that were held before April 1998 could mean significant tax savings. Action must be taken before 6 April 2008. Click here to find out more. | ||
| Residence and Domicile |
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| As we have reported in previous editions of LiveWire the changes to the taxation of non-UK domiciled individuals are wide reaching and are likely to have a significant impact on individuals who have already been resident in the UK for a number of years. Individuals affected must review their circumstances before 6 April 2008. Click here find out more. | ||
| Capital Allowances One measure which requires careful consideration prior to the tax year end is the changes to the capital allowances legislation. Changes will be effective from 1 April 2008 for companies and 6 April 2008 for sole traders and partnerships and therefore timing is important if you are planning additional expenditure on equipment or premises. Click here find out more. |
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Income Shifting
HMRC has published draft legislation to prevent a tax advantage being gained through what has become known as ‘income shifting’. The proposed legislation will potentially apply from 6 April 2008 to an individual who shifts company dividends or partnership profits to another individual. Click here to find out more. |
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Year End Tax Tips
Our general tax planning tips cover areas from income tax to IHT and CGT to NIC. Click here to find out more. |
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© Copyright 2008
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Robert James Partnership - Chartered Certified Accountants & Chartered Tax Advisers 2 A C Court, High Street, Thames Ditton, Surrey KT7 0SR Tel: + 44 (0870) 2255220 Fax: +44 (0870) 2255221 Web: www.rjp.co.uk |
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