Cracking down on city bonus tax avoidance will hit start-up businesses,
The institute has warned that limits on partnerships’ loss relief would make
it harder for them to receive financing from family and friends.
The government is looking to restrict the use of ‘sideways loss relief’ by
the wealthy to cut their tax bills. It has been concerned that wealthy people
reduce their tax on earnings by claiming the relief on losses generated by the
The introduction of a £25,000 limit on the losses than can be used to offset
the income of a partner who is not actively involved in the business is planned.
The ICAEW warns the plan will adversely affect businesses that are not tax
avoidance schemes, reported the FT.
‘The result is that the measure will impact upon many small businesses being
set up with substantial investment in the early years,’ the ICAEW stated.
Does Darwin's theory apply to taxation? Colin ponders...
The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today
"The whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern," say Supreme Court judges
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group