Budget 2008 > Business
 

Business

Capital allowances; clarity and confirmation of the Government’s intention

Changes to Corporation Tax rates; reduction effective from 1 April 2008

Changes to HMRC inspection powers, penalties and debt collection; new inspection powers

Community Investment Tax relief; legislation to be introduced in Finance Bill 2008

Concessions - status confirmed; removal of any uncertainty over the legal status of published HMRC concessions

Controlled Foreign Companies; a number of targeted anti-avoidance measures have been introduced

Disclosure; simplification of the administrative side of the DOTAS regime

Environmental taxes; changes fall short of what many have been calling for

Financial products avoidance; disguised interest and transfers of lease receivables

Funding bonds; clarification of the repayment rules are helpful

Gift Aid - transitional relief; welcome news for charities and CASCs

Insurance (General); announcements and changes

Insurance (Life); announcements and changes

Intangible assets regime - anti-avoidance; another measure to stop perceived abuse

Investment Management Exemption (IME) changes; legislation will be included in the Finance Bill 2008

Investment Trust Companies; aim to shift the tax burden to the investor

Islamic Finance; amendments to the power to make provision relating to AFAs by secondary legislation

Leased plant or machinery - anti-avoidance; measures introduced to tackle various specific transactions

North Sea oil and gas ring fence activities; confirmation that a package of reforms with regards to UK North Sea taxation is proceeding

Pension contributions by employers; provisions confirming the amounts a company is allowed to deduct

Property Authorised Investment Funds; new regulations will be introduced from 6 April 2008

Protecting tax revenues and simplifying anti-avoidance legislation; a planned continuation of the anti-avoidance strategy

R&D tax relief; increase in the rates of relief and proposed extension are welcomed

Small companies relief - associated companies rule; reform to ensure the small companies’ relief is available in certain circumstances

Stamp duties; abolition of £5 stamp duty burden

Stamp Duty Land Tax; announcements and changes

Stamp duty reserve tax; further rationalisation desirable

Trading stock - transfers at market value; clarification of transfer pricing rules

Unclaimed assets scheme; changes to ensure the operation of the Scheme is tax neutral

Varney review of links with large business; Budget 2008 update

Venture capital income tax relief schemes; the limit for income tax relief on Enterprise Investment Scheme investments has been raised