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HMRC to stamp on residential property transactions
How much Stamp Duty Land Tax (SDLT) will you pay when you buy residential property in the UK following the Budget? Firstly the extension of the nil rate band to £250,000 for first time buyers ceased on 24 March 2012. The current SDLT rates are: Residential property purchased outside disadvantaged areas: Zero charge – £0…
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VAT – Changes to Road fuel Scale Charges (RFSC)
HMRC announced yesterday that later this year, they intend to make changes to the current VAT legislation relating to road fuel scale charges as current practice is incompatible with EU law. Under existing UK law, where a business has provided fuel to an employee for their private use and has made a charge for that…
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HMRC to cap tax reliefs
In an attempt to ensure that higher rate taxpayers make a reasonable contribution to UK tax revenues new legislation is to be introduced from 6 April 2013 that limits access to certain tax reliefs. Taxpayers will be denied relief(s) if the claim exceeds 25% of their income or £50,000, whichever is the greater. This will…
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MBO for Cat Tech International
Simom Chapman with the Cat Tech team, a specialist industrial services group that supports the global oil and chemical industries has been acquired in an MBO put together by Burgis & Bullock Corporate Finance Limited. Based in North Lincolnshire, Cat Tech International has operations in Sweden, Bulgaria, Singapore, Thailand and China. The group focuses on…
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Budget 2012
On 21 March 2012, the Chancellor delivered his ‘Budget for workers’. This theme brought an increase in the personal allowance to £9,205 and a reduction in top rate tax to 45p. Our Budget Summary 2012 addresses the main tax points. Enjoy and feel free to send us your comments and feedback. Budget 2012 Summary