Tolley's Tax Guide 2012-13

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

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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