Tolley's Tax Guide 2012-13

Author: Claire Hayes; Ruth Newman
Publisher: LexisNexis U.K.
ISBN: 9780754543596
Published In: August 2012
Format: Hardback
Jurisdiction: U.K. ? Disclaimer:
Countri(es) stated herein are used as reference only

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Voted "The Nation's Favourite Tax Book" by members of AccountingWeb, this is the premier one-stop reference work for tax professionals. Written by experts, in clear, concise English, its logical structure and comprehensive analysis of the latest tax legislation make it the obvious first choice for finding answers in seconds. Complex tax legislation is translated into straightforward everyday language and the Guide includes numerous worked examples, tax points and clear tables.

Tolley's Tax Guide covers all areas of UK taxation in one single portable volume. With 45 chapters and the content divided into the following sections, you can go straight to the information you need, saving valuable research time:

* Outline of the UK tax system
* Employment
* Pensions
* Trading activities
* Land and buildings
* Tax and the family
* Choosing investments
* Other areas, including trusts and estates, and the overseas element

This title will be dispatched post publication.

What’s New for 2012-13 edition:

Corporation tax

Reduction in the main rate of corporation tax
New tax reliefs for gifts of pre-eminent objects to the nation
Introduction of a new tax rate for companies holding certain qualifying patents
Changes to the R&D relief scheme, particularly for SMEs
New enhanced capital allowances for investment in Enterprise Zones
Expenditure on plant or machinery for generation of renewable power which qualifies for capital allowances
Changes to capital allowances on fixtures
Further changes to the CFC regime

Income tax

New rates and allowances
Details of the tax reliefs available under the new Seed Enterprise Investment Scheme
Changes to the EIS and VCT regimes
New tax reliefs for gifts of pre-eminent objects to the nation
Changes to the current rules on the taxation of non-domiciled individuals
Repeal of the ability to pay interest gross on qualifying time deposits
Withdrawal of facility to elect for income tax repayment to be made to charity
Extension of HMRCs information powers including tax agent dishonest conduct notices

Capital gains tax

Annual exemption levels
Simplification of the CGT regime for foreign currency bank accounts

Inheritance tax

Nil rate band to rise in line with the Consumer Prices Index from 6 April 2015
Reduction in IHT rate for certain charitable legacies

VAT

Removal of UK VAT registration threshold for non-UK established businesses
New VAT exemption for supplies of services by groups involving cost sharing

Stamp taxes

Repeal of SDLT exemption for purchases of less than £150,000 in disadvantaged

By Claire Hayes; and Ruth Newman MA, CTA. Consultant Editor: Francesca Lagerberg