|
|
29 Nov 2011
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.
Further reading
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.
You may also like
Search thousands of financial jobs:
Search thousands of financial jobs:
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
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
Visitor comments Add your comment