Headline:
Budget 2006 - Highlights from AGM Tax Advisers.co.uk
Description:
The main points
The highlights from Gordon Brown's budget statement.
* * *
Lord Carter proposes six-month SA deadline and compulsory e-filing
The results of the Carter review on HMRC's online services have been published. From 2008, companies will have to file VAT returns, PAYE and company tax returns online. Introduction is to be staggered according to company size. New VAT registrations will be required to file online immediately. Self assessment filing dates for 2007/8 returns have been brought forward and staggered to encourage online filing, and agents will have to file online.
* * *
Budget fails to deliver on anti-avoidance
Gordon Brown's mooted assault on anti-avoidance failed to emerge.
* * *
Budget clarifies VAT inspection powers
Key VAT changes announced in the 2006 Budget.
* * *
VCT changes will cut available funding for large companies
New rules will restrict the ability of larger companies to raise funds through EIS or VCTs. The maximum size of companies eligible to issue shares under EIS has been reduced from £15 million to £7 million. Paul Howard, senior tax consultant with Chiltern, Paul Howard, said the net effect would be to hamper the ability of potential AIM companies to raise funds. However, there is good news for investors. The chancellor has increased the maximum amount an individual is able to invest in EIS shares from £200,000 to £400,000 and fixed the rate of relief for VCTs at 30%.
* * *
Brown turns green
The chancellor poured a dash of green onto his budget this afternoon as he unveiled a range of measures with a distinctly environmental theme.
* * *
Inheritance tax threshholds rise
John Newth examines changes to the inheritance tax regime.
* * *
Uncharitable behaviour
The government have introduced further restrictions that will affect charities.
New reviews to examine red tape burdens on business
The Chancellor reverted to form in his mission to reduce the red tape burden on business by instigating a series of new reviews to accompany those already in progress.
* * *
Brown trumpets strengthening economy
The UK economy is on track to achieving strong growth, Gordon Brown pledged today.
* * *
'Not quite far enough' dominates budget reaction
Reaction to Gordon Brown's tenth budget has poured in from all sides and while organisations and individuals have welcomed measures aimed at their specific areas of interest, they have all been united in a general view that it was a budget with no surprises which didn't quite go far enough.
* * *
Carter tackles online filing
The publication of Lord Carter's review of the Revenue's online services was not mentioned in Gordon Brown's Budget speech, but contained some of the most controversial and far reaching proposals of the afternoon.
* * *
Crackdown on home computing initiative
The Home Computing Initiative, through which employers are able to subsidise employees's purchase of computer systems, has been effectively closed by a Budget crackdown on electronic benefits in kind.
* * *
Small business and the budget
Simon Sweetman tries to find something sensible to say.
* * *
Stamp duty simplified
A number of welcome measures were announced which will help to simplify the stamp duty system.
* * *
VCTs, EIS and CVS
The following budget changes have been announced for investors under the Enterprise Investment Scheme (EIS), the Corporate Venturing Scheme (CVS), and the Venture Capital Trust (VCT) scheme, as well as companies attracting investment under those schemes.
* * *
REITS launch confirmed
Real Estate Investment Trusts (UK-REITs) are bespoke property vehicles which are designed to give investors flexibility in property investment without the normal liquidity problems associated with property investment.
* * *
Benefits in kind – a range of changes!
The tax free scheme under which employers can help employees with the cost of childcare which was introduced a year ago sees a boost in the budget, with the limit on childcare costs which are tax free when paid by the employer rising to £55 per week from 6 April.
* * *
New money for Child Trust Funds
The chancellor has confirmed that additional money will be made available to children with Child Trust Fund accounts on their seventh birthday.
* * *
Tax Credit changes reiterated
Tax credit changes announced in the pre-budget report were all reiterated yesterday.
* * *
R&D tax relief changes
The system for R&D tax relief is to be improved for companies with between 250 and 500 employees.
* * *
MTIC Fraud – New HMRC powers
In its battle to stem Missing Trader Intra-Community or MTIC fraud, the Treasury has proposed that HMRC should be given new powers to direct individual businesses to keep specified additional records in relation to goods.
Modernising company cars
The government is to consult on a radical change in the tax treatment of 'expensive cars', red tape and environmental considerations.
The highlights from Gordon Brown's budget statement.
* * *
Lord Carter proposes six-month SA deadline and compulsory e-filing
The results of the Carter review on HMRC's online services have been published. From 2008, companies will have to file VAT returns, PAYE and company tax returns online. Introduction is to be staggered according to company size. New VAT registrations will be required to file online immediately. Self assessment filing dates for 2007/8 returns have been brought forward and staggered to encourage online filing, and agents will have to file online.
* * *
Budget fails to deliver on anti-avoidance
Gordon Brown's mooted assault on anti-avoidance failed to emerge.
* * *
Budget clarifies VAT inspection powers
Key VAT changes announced in the 2006 Budget.
* * *
VCT changes will cut available funding for large companies
New rules will restrict the ability of larger companies to raise funds through EIS or VCTs. The maximum size of companies eligible to issue shares under EIS has been reduced from £15 million to £7 million. Paul Howard, senior tax consultant with Chiltern, Paul Howard, said the net effect would be to hamper the ability of potential AIM companies to raise funds. However, there is good news for investors. The chancellor has increased the maximum amount an individual is able to invest in EIS shares from £200,000 to £400,000 and fixed the rate of relief for VCTs at 30%.
* * *
Brown turns green
The chancellor poured a dash of green onto his budget this afternoon as he unveiled a range of measures with a distinctly environmental theme.
* * *
Inheritance tax threshholds rise
John Newth examines changes to the inheritance tax regime.
* * *
Uncharitable behaviour
The government have introduced further restrictions that will affect charities.
New reviews to examine red tape burdens on business
The Chancellor reverted to form in his mission to reduce the red tape burden on business by instigating a series of new reviews to accompany those already in progress.
* * *
Brown trumpets strengthening economy
The UK economy is on track to achieving strong growth, Gordon Brown pledged today.
* * *
'Not quite far enough' dominates budget reaction
Reaction to Gordon Brown's tenth budget has poured in from all sides and while organisations and individuals have welcomed measures aimed at their specific areas of interest, they have all been united in a general view that it was a budget with no surprises which didn't quite go far enough.
* * *
Carter tackles online filing
The publication of Lord Carter's review of the Revenue's online services was not mentioned in Gordon Brown's Budget speech, but contained some of the most controversial and far reaching proposals of the afternoon.
* * *
Crackdown on home computing initiative
The Home Computing Initiative, through which employers are able to subsidise employees's purchase of computer systems, has been effectively closed by a Budget crackdown on electronic benefits in kind.
* * *
Small business and the budget
Simon Sweetman tries to find something sensible to say.
* * *
Stamp duty simplified
A number of welcome measures were announced which will help to simplify the stamp duty system.
* * *
VCTs, EIS and CVS
The following budget changes have been announced for investors under the Enterprise Investment Scheme (EIS), the Corporate Venturing Scheme (CVS), and the Venture Capital Trust (VCT) scheme, as well as companies attracting investment under those schemes.
* * *
REITS launch confirmed
Real Estate Investment Trusts (UK-REITs) are bespoke property vehicles which are designed to give investors flexibility in property investment without the normal liquidity problems associated with property investment.
* * *
Benefits in kind – a range of changes!
The tax free scheme under which employers can help employees with the cost of childcare which was introduced a year ago sees a boost in the budget, with the limit on childcare costs which are tax free when paid by the employer rising to £55 per week from 6 April.
* * *
New money for Child Trust Funds
The chancellor has confirmed that additional money will be made available to children with Child Trust Fund accounts on their seventh birthday.
* * *
Tax Credit changes reiterated
Tax credit changes announced in the pre-budget report were all reiterated yesterday.
* * *
R&D tax relief changes
The system for R&D tax relief is to be improved for companies with between 250 and 500 employees.
* * *
MTIC Fraud – New HMRC powers
In its battle to stem Missing Trader Intra-Community or MTIC fraud, the Treasury has proposed that HMRC should be given new powers to direct individual businesses to keep specified additional records in relation to goods.
Modernising company cars
The government is to consult on a radical change in the tax treatment of 'expensive cars', red tape and environmental considerations.
Date:
24.03.2006
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