TaxPersonal TaxFinance Bill in Brief – 17 June

Finance Bill in Brief - 17 June

Permanent fixtures

The Treasury has stated that tenants will be taxed on the cost of a landlord’s provision of trade fixtures, even if they end up the landlord’s property. Fixtures belong to tenants under current property law, and a landlord’s contribution to their cost would be assessable as a payment by way of inducement to take the lease.

Pension concession Divorced men will be able to rebuild pension entitlements, after splitting provisions with former spouses, without a change in the law. Economic secretary Patricia Hewitt said the concession would be provided under the Inland Revenue’s discretionary powers to approve occupational pension schemes. But the concession will be limited to those earning up to £22,650 and would not be extended to non-approved directors’ schemes, nor personal pensions.

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