The ATT expressed its concerns ahead of the Budget (March 16) when the Government will respond to last year’s consultation about changes to the taxation of pensions. Michael Steed, President of the ATT, commented:

Jane’s career in tax has spanned over 30 years.  Jane became a member of the ATT in 1993 and has served on the ATT Council for 10 years, the Member Steering Group (previously known as the Member and Student Services Committee) for over 18 years and is a former chairman of its Business Develo

ATT’s comments are included in its response1 to draft legislation2 published by HMRC which is designed to give relief for the cost of replacing furnishings to a wider range of property businesses as well as lead to a more consistent and fairer way of calculating taxable profits3.

The intended target of HMRC’s draft proposal2 is the practice of closing down a company, extracting its reserves through a winding-up and then opening a new business with a similar trade.

From 1 April 2016, the Government will charge an extra three per cent stamp duty on purchases of residential property if the purchaser already owns another residential property.

January is the busiest month for filing self-assessment tax returns1. For taxpayers and their agents, it is the month when it is particularly important that HMRC’s online filing systems work reliably and unobtrusively.

Michael Steed, President of the ATT, said:

The provisions will mean that all residential landlords can obtain tax relief on the actual amount of their replacement expenditure on items such as furniture, furnishings, household appliances and kitchenware.

At present businesses that contribute to approved flood and coastal defence projects can deduct their contribution from the profits of the business for tax purposes, reducing their Income Tax or Corporation Tax bill1.  ATT is suggesting the relief be expanded to enable individual taxpayers t

When the proposals were first made earlier this year, the loans were to be restricted to people under the age of 30. While the extension to all those under the age of 60 is a pleasing amendment, the ATT does wonder why there needs to be any upper age limit.