Yesterday, the 15th of March 2023, the Chancellor Jeremy Hunt announced his first full Budget. One of the key themes was boosting economic growth and while he confirmed the 6% increase in the rate of corporation tax, he also mitigated this by replacing the capital allowances “super-deduction” with full expensing, enabling businesses to claim tax relief […]

Many UK taxpayers in the last few months have surprisingly found in their mailbox a letter from HMRC about “Your Overseas Assets, Income or Gains” in which they were informed that HMRC has obtained information from overseas tax authorities about assets held by them in foreign jurisdictions on which they may have a UK tax […]

The Annual Tax on Enveloped Dwellings (ATED) rates payable for chargeable periods beginning on or after 1 April 2023 have been set by the Government as follows: Annual chargeable amount Value of the interest on the relevant day GBP 4,150 More than GBP 500,000 but not more than GBP 1 million GBP 8,450 More than […]

Yesterday, 3 March 2021 the Chancellor, Rishi Sunak, delivered his second Budget. Given the dire straits of the country's finances due to the effects of the fight against Covid-19 many were expecting tough measures. Therefore, the Chancellor realized that what the country needs at the moment is a boost to the economy rather than fiscal […]

The European Commission has approved under EU State aid rules the prolongation of the UK Enterprise Management Initiative scheme, which reduces the taxation of employee share options for small and medium sized enterprises (SMEs). Under the scheme, employees of SMEs benefit from reductions from income tax and/or national insurance contributions, when exercising their share options. […]