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Draft Finance Bill 2019/20: Changes to Income Tax Share Loss Relief The Government published draft clauses to be included in the Finance Bill 2019/20, together with related consultations and response documents, on 11 July. Income tax share loss relief applies where an individual who has subscribed for newly issued shares 
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What is a Hybrid Partnership? A hybrid or mixed partnership is a standard partnership but rather than just having individuals as partners, there is one or more corporate partners (or, in the case of LLPs, ‘members’). Historically this was a popular structure as it allowed businesses to have the ‘best 
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The Limit of Recovery and Enforceability: Income Tax, National Insurance and PAYE The myriad of rules relating to the recovery and enforceability of income tax, National Insurance and PAYE are lengthy, complex and substantively different. The Office for Tax Simplification has previously reported on the ‘creaking links’ between income tax 
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What is ‘Ordinary Share Capital’? – Types of Ordinary Shares vs. Preference Shares, Premiums & Characteristics. As the poet, William Blake, once said, “hindsight is a wonderful thing, but foresight is better”. This particularly rings true when devising a corporate exit strategy and ensuring the applicability of Entrepreneurs’ Relief (ER) 
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Creative Industries Tax Reliefs; Video Games, Film, TV & Theatre, Museum & Galleries With 2019 set to be another big year for films, video games and television with highly anticipated new releases and box office records to be broken, the creative industries are pushing itself to new heights. Recognising the 
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Offshore Companies & Non-UK Resident Property Companies: Owning Commercial & Residential Property… The Forthcoming Changes April 2020. Non-UK resident companies with UK property income are subject to income tax rather than corporation tax under the non-resident landlord scheme. From April 2020, such companies will be charged to UK corporation tax 
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Kaye Adams v HMRC: Tribunal defeat broadcasts HMRC’s problems with IR35 Introduction As has been previously noted on the pages of this ‘blog, the vocabulary employed by HMRC to describe its pursuit of those whom it regards as unfairly dodging their fair share in tax is somewhat muscular. For instance, 
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Corporation Tax, HMRC & Late Filling Penalties – Introduction Corporation tax is due on the profits arising to UK limited companies and foreign companies with UK branches or offices. It is also due on trading profit, investment income and gains arising to clubs, cooperatives and other unincorporated associations such as 
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Information notices and the long reach of the tax man The Court of Appeal has decided in HMRC’s favour in an important decision about the department’s powers. The decision concerned HMRC’s ability to issue Schedule 36 information notices outside the UK. Such information notices are formal requests for information under 
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HMRC & Offshore Tax Penalties – The Facts Introduction According to Government figures, HMRC have raised over 32.9 billion from tackling offshore tax evasion and avoidance since 2010. The Requirement to Correct and associated Worldwide Disclosure Facility encouraged over 18,000 individuals to come forward by the 30 September 2018 deadline 
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