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Budget delivers mixed blessings for manufacturers

Solicitors Thomas Eggar LLP look at the impact of the budget on the industryFollowing political noises which suggested that the manufacturing industry would be at the heart of the economic recovery, there was some good news for the industry in Tuesday’s budget announcements. The good news is that the enhanced tax relief for expenditure on R&D announced in the pre-budget report is to go ahead as planned. With experts tipping innovation as the key to the UK’s recovery, this tax relief for SMEs on R&D and intellectual property is a welcome move, and will cover a broad spectrum of the industry

The region’s business leaders are split on whether the Budget will benefit the local economy

In a breakfast seminar hosted by business advisors and accountants BDO LLP in Southampton, around 200 business leaders from across the region gathered to hear how the Emergency Budget could impact on their organisations, with just under half believing it would benefit local business, but overall 98 per cent thought it struck the right balance.During the seminar, the tax team at BDO LLP in Southampton posed a number of questions to the audience to gauge how they felt George Osborne’s announcements would affect the local economy. 73 per cent thought that changes made to Capital Gains Tax (CGT)

UK REIT Rules Relaxed to Allow Stock Dividends

The Government yestersday (24 March 2010) announced a measure to allow UK Real Estate Investment Trusts (“REITs”) to issue stock dividends in lieu of cash dividends when meeting the 90 per cent distribution requirement. A group which has elected to join the UK-REIT regime is exempt from corporation tax on profits and gains arising to its ‘property rental business’. In order to be within the regime, the UK-REIT needs to meet a number of complex conditions including distributing 90 per cent of its property rental income to shareholders. UK-REIT shareholders are taxed on the distributions as

BUDGET MARCH 2010: Tax Avoidance – Complexity is not the answer

The Chancellor announced a raft of measures with the stated aim of protecting the tax system. In addition to further measures targeting failures to declare offshore income, there is a package of new rules to close loopholes and tackle arguably aggressive tax planning which HMRC perceive to be abusive. Stuart Lisle, Tax Partner at BDO LLP in Southampton commented: "All Budgets, whatever the political colour of the Chancellor, contain a swathe of so-called anti-avoidance provisions recommended by HMRC and this year proved no exception. Despite the stress Alistair Darling placed upon these

Looking Forward to the Post Election Summer Budget

Stuart Lisle, Tax Partner at BDO LLP in Southampton comments: "The principal theme of this, and almost all pre-election budgets, was the Chancellor's understandable wish to avoid own goals. Nevertheless, the absence of some measures amounts to additional stealth taxation and other measures have probably merely been delayed to the inevitable post-Election Summer Budget. “So far as stealth taxes are concerned, the Chancellor has failed to index the personal allowances for income tax, capital gains tax and inheritance tax. The effect of this will be to increase the tax burden for taxpayers in

Stamp Duty boost for first time buyers as £1m home purchases are clobbered

From midnight tonight first time buyers will no longer be required to pay the 1 per cent stamp duty land tax charge on residential property purchases of less than £250,000. This will be an immediate tax saving of £1,250 on a property bought for £249,999 as the previous threshold was £125,000. This measure is partly funded by a new 5 per cent rate for residential properties above £1,000,000. However, Treasury figures show that this will only recoup £70 million compared to the £290 million annual cost of the relief for first time buyers. Stuart Lisle, Tax Partner at BDO LLP in Southampton

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