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.
Making Tax Digital will impose significant additional tax compliance costs on small businesses for little or no medium term benefit, tax and small business experts told MPs
MHA MacIntyre Hudson has partnered with cloud accounting software provider Xero ahead of the government’s requirement for digital records
The drive towards a fully digital tax regime is an admirable one, but mandation is simply wrong, according to one of the UK's most senior tax technology practitioners - Paul Aplin
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