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Tolley's Tax Guide 2013-14

Tolley's Tax Guide 2013-14

Author: Claire Hayes; Ruth Newman
Publisher: LexisNexis U.K.
ISBN: 9780754546641
Published In: August 2013
Format: Hardback
Jurisdiction: U.K. ? Disclaimer:
Countri(es) stated herein are used as reference only

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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

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