AS2011: ‘Gifts’ worth millions for UK under new relief scheme

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

£75m in gifts could be handed over to the UK to offset against tax bill

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.

Resources & Whitepapers

How to optimise your compliance lifecycle

How to optimise your compliance lifecycle

12m
The new rules of accounting

The new rules of accounting

1y
5 ways internal productivity can boost your profitability

5 ways internal productivity can boost your profitability

1y
Crushing the Four Barriers to Growth

Crushing the Four Barriers to Growth

1y