The Inland Revenue claims the changes will boost productivity by encouraging appropriate collaborative working by companies and broadening support for employee share ownership.
Under the proposals, where certain qualifications are met:
- Companies will take into account a share of the activities of the joint venture companies in which they have invested when assessing whether or not the participating companies or groups are trading;
- Employees of joint venture companies who own shares in the participating trading companies (or in their parent companies) will have wider access to business assets taper relief.More details from the Revenue
Richard Le Tocq, head of Locate Guernsey, discusses the chancellor’s approach to high net worth individuals, and why relocation is increasingly attractive to HNWIs
The firm says that the U-turn 'does not alter the need for a fundamental review of the way we tax work' and that the current tax system is in need of reform
Legislation on the NICs changes to be brought forward in the autumn following publication of 'the full effects of the changes to Class 2 and Class 4' in the summer
Following chancellor Philip Hammond’s Spring Budget speech, we explore the key takeaways for businesses and individuals