AS2011: 'Gifts' worth millions for UK under new relief scheme

by Kevin Reed

More from this author

29 Nov 2011

  • Comments
george-osborne-chancellor

AN ESTIMATED £75m of ‘gifts' could be presented to the nation under a new tax relief scheme.

The ‘gift of pre-eminent objects' tax scheme will be introduced from the April 2012 tax year, providing relief for giving valuable gifts over to the UK.

The scheme will run in parallel with the current ‘acceptance in lieu' scheme in which an estate can offer objects against inheritance tax liabilities. The new scheme is applicable across income tax, corporation tax and CGT.

Current projections show a £15m cost to the Treasury from 2012/2013 through to 2016/2017, equating to £15m a year spent on these objects.

The acceptance in lieu scheme also costs around £15m a year.

Visitor comments

blog comments powered by Disqus
display:none

Add your comment

We won't publish your address


By submitting a comment you agree to abide by our Terms & Conditions

Your comment will be moderated before publication

Submit
  • Send

Appointments to University Committees

University of Glasgow 120x60University of Glasgow - Glasgow - unremunerated positions

 

 

Newsletters

Get the latest financial news sent directly to your inbox

  • Best Practice
  • Business
  • Daily Newsletter
  • Essentials

Careers

Search for jobs
Click to search our database of all the latest accountancy roles

Create a profile
Click to set up your profile and let the best recruiters find you

Jobs by email
Sign up to receive regular updates with the latest roles suitable for you

Briefings

budget-management

Why budgeting fails: One management system is not enough

If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.

cchcover

iXBRL: Taking stock. Looking forward

In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.