Tolley's Tax Guide 2013-14

Officially the "Nation’s Favourite Tax Book" according to AccountingWeb. This one–stop reference work is written by experts in clear, concise English. Its logical structure and comprehensive analysis of the latest legislation makes it the premier choice for the successful tax practitioner. Released in one convenient volume, it includes helpful worked examples, tax points and clear tables. 

The book’s 45 chapters are divided into clear sections, including employment, pensions, trading, family, trusts, estates and more.

New for this edition

Corporation tax

• Further reduction in the main corporation tax rate
• New tax reliefs from April 2013 for animation, high–end television and video games industries
• Increase in the capital allowances annual investment allowance (from January 2013)
• Increase of the Bank levy rates and clarification of double tax relief for similar overseas levies
• Details of the scope and implications of the proposed GAAR
• New cash basis of accounting for unincorporated businesses
• New disincorporation relief in limited circumstances
• Changes to the REITs regime

Income tax

• New rates and allowances
• Reduction in pension annual and lifetime allowance (from April 2014)
• Details of “employee owners” share scheme
• Details of income tax reliefs that are to be capped
• Abolition of income tax relief for certain patent royalty payments
• New statutory residence test and abolition of concept of ordinary residence
• Gift aid small donations scheme
• Simplification of employee share scheme rules
• Extension of IR35 rules to office holders
• Restriction of income tax exemption on employer’s pension contributions to certain payments
• New tax charge on disguised interest
• Changes to tax deducted on payment of interest in kind and interest on compensation payments
• Changes to community investment tax relief
• Restrictions on lease premium relief for leases over 50 years

Capital gains tax

• Further details of entrepreneurs’ relief on EMI options
• Changes to vulnerable beneficiary trusts

Stamp taxes

• Further details of the annual charge on high value residential property
• Anti–avoidance measures in relation to sub–sales
• Changes to SDLT on certain lease transactions

VAT

• Changes to certain reduced rate supplies
• Changes to VAT treatment of private use of road fuel

IHT

• Further details of domicile election available to certain spouses and civil partners

Administration

• Facility for HMRC to withdraw a notice to file a self–assessment return
• New Real Time Information penalties

Other

• Changes to business rates exemptions and reliefs