The rate of stamp duty on non-residential property was increased from 2% to 6% with effect from midnight on Budget Day. However transitional arrangements are in place whereby the 2% rate of stamp duty will apply to binding contracts entered into before 11 October 2017 provided the instrument for the transfer is executed before 1 January 2018.
Are you changing your car in 2018? It was announced in Budget 2018 that a new 0% Benefit in Kind rate on electric motor vehicles was introduced from 1 January 2018 to 31 December 2018. A comprehensive review of the Benefit in Kind regime will take place in 2018 which could see this measure been extended into the future.
Motivated by worries about tariffs and a potential risk to their overseas sales in the post-Brexit era, many UK firms see Ireland as a better option than mainland Europe. Paul Brown, a tax partner at Manchester accountancy firm HURST, said Ireland’s low tax rates – corporation tax is 12.5 per cent – along with state support for overseas companies, a similar business culture to the UK and a common language are key factors behind the surge in interest. In addition, Ireland has a similar business law system and an economy which is not overburdened by regulation, he said.
The Institute of Taxation has published a very good summary of the Provisions of the Finance Bill 2016. Do not hesitate to contact Anthony Casey if you have any queries about the Finance Bill or other taxation matters.
The Departments of Finance and Social Protection issued a Consultation paper on what they term Intermediary-type Structures ie Contractors with a call for submissions closing on 31 March 2016.
We have reviewed the Consultation Paper and are disappointed it does not engage with the reality of the world of professional contracting and is more narrowly focussed on perceived losses of revenue to the Exchequer.
References to zero hours contracts appear as emotive headline grabbing comments but have little or no reality to Intermediary-type contracts.