Employees get capital gains boost
More staff who buy shares in their employers could pay a lower rate of capital gains tax - 10% - when they sell them under changes announced today.
More staff who buy shares in their employers could pay a lower rate of capital gains tax - 10% - when they sell them under changes announced today.
The chancellor has announced that it will extend capital gains business assets taper relief to employees disposing of shares in non-trading companies, which means they could pay just 10% if they hold them for four years.
His move means that employees will not always have to consider whether the company where they work falls under the definition of a trading company.
Property investment companies, for example, are not defined as trading. Now it will apply to all employees in all companies.
Many companies, particularly listed companies, will no longer have to consider this question on behalf of their employers.
Loughlin Hickey, a partner at KPMG, welcomed the move, which was trailed in the pre-Budget report, because it would cut down red tape. He also commented that the anti-avoidance measures announced were simpler than expected.
The ICAEW said: ‘We need to check the fine print. If the definition of an employee excludes anyone related to a shareholder, many employees of small businesses will lose out.’
The numbers you crunch tell a story. Your expertis...
23yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleHMRC sees the profit or loss made on buying and selling of exchange tokens as within the charge to Capital Gains Tax (CGT). Read More...
View articleThe recent IR35 case involving former Liverpool footballer and Sky Sports presenter, Phil Thompson, has drawn attention to the complexities and implic...
View articleFrom January 1, 2024, HMRC will implement new tax rules affecting individuals who sell items on platforms like Etsy, Depop, and Vinted. The new regula...
View articleHMRC reveal a small majority of people are soldiering a significant proportion of income and capital gains tax, following FOI request. Data has reigni...
View articleSteven Pinhey, technical officer at the Association of Taxation Technicians (ATT), considers how the rules on deductible expenses work in a social med...
View articleATT technical officer, David Wright, considers the implications of HMRC’s decision to remove employees with income between £100,000 and £150,000 from ...
View articleThis was the fourth largest borrowing year since records began in 1993 Read More...
View articleATT technical officer, David Wright, provides an overview of the welcome relaxation to CGT provisions for separating couples looking to transfer asset...
View article