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New On The Network Today
This feed is published daily with selected new or updated
content from across our network. For a list of network sites, many of
which feature daily news, see below. |
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| 29/07 New
Lowtax Editor Column, by Kitty Miv |
| 28/07 New
PBTG Editor Column, Caroline, PBTG editor |
| 27/07 UK Launches Raft Of Tax Consultations, Tax-News.com |
| 26/07 Fat
Tax On The Menu
, Jeremy Hetherington-Gore blog entry |
| 23/07 Sarkozy Seeks 'Fiscal Convergence' With Germany, Tax-News.com |
| 20/07 Singapore
Base For Tuvalu OIFC, Tax-News.com |
| 19/07 Expats
Turn Backs On US Taxes, Tax-News.com |
| 16/07
Congress Approves US Financial Reform Bill, Tax-News.com |
| 15/07 New
Lowtax Editor Column, by Kitty Miv |
| 15/07 St
Vincent & The Grenadines, Investors Offshore special feature |
13/07 Tax-News.com
Jersey Review 2010-2011 |
| 12/07 Goodbye
To All That, Jeremy Hetherington-Gore blog entry |
| 09/07
Antigua Pursuing Trade Sanctions Against US, Tax-News.com |
| 08/07 New
Lowtax Editor Column, by Kitty Miv |
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06/07 Hong
Kong Full PBTG Guide, added to Personal Business Tax Guide |
| 05/07
Australian Mining Tax Agreement Reached, Tax-News.com |
| 02/07 Online
Trading For Expats, Investors Offshore special feature |
| 29/06 EC
To Extend Common System Of VAT, Tax-News.com |
| 28/06
Lowtax Dubai, annual update |
| 25/06 Jersey
Considers Tax Future, Tax-News.com |
| 22/06 VAT
Hiked In UK Emergency Budget, Tax-News.com |
| 21/06 Steady
Progress In TPP Negotiations, Tax-News.com |
| 18/06 Singapore
- Another Hong Kong?, Investors Offshore special feature |
| 15/06 Swiss
Parliament Approves UBS Agreement, Tax-News.com |
| 14/06 Ethical
Moonshine, Penelope Wise blog entry |
| 11/06 Germany
Purchases Stolen Tax Data Disc, Tax-News.com |
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08/06 Dubai
Full PBTG Guide, added to Personal Business Tax Guide |
| 07/06 G-20
Shelves Global Bank Tax, Tax-News.com |
| 04/06
Lowtax Panama, annual update |
| 01/06
Lowtax Luxembourg, annual update |
| 31/05
OECD And EU Strengthen Tax Cooperation, Tax-News.com |
| 28/05
Lowtax Guernsey, annual update |
| 25/05
Lowtax Jersey, annual update |
| 24/05 Lithuania
Summary PBTG Guide, added to Personal Business Tax Guide |
| 21/05
Lowtax Liechtenstein, annual update |
| 18/05 Latvia
Summary PBTG Guide, added to Personal Business Tax Guide |
| 17/05 Offshore
And The Euro, Jeremy Hetherington-Gore blog entry |
| 14/05 IO
Focus: Barbados, Investors Offshore special feature |
| 03/03
Personal Business
Tax Guide, PBTG, has launched! |
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| Providing essential tax news and information for globally
mobile artists, contractors, entrepreneurs, professionals, small businesses,
sportspersons and entertainers. |
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| Lowtax Network Sites |
| Lowtax Network Portal:
'Low-tax' business and investment in the top 50 jurisdictions covered in
exceptional detail. |
| Tax News: Global
tax news, continuously updated through the day. |
| Investors Offshore:
The independent offshore and alternative investment guide for expatriates
and the globally aware investor. Sponsored by HSBC
Bank International. |
| Law & Tax
News: Daily news and background data on tax and legal developments
for international business. |
| Offshore-e-com:
A topical guide to offshore e-commerce focused on tax and regulation. |
| Lowtax Library:
One of the web's largest and most authoritative business and investment
information sources. |
| US Tax Network:
The resource for free online US taxation information, covering: corporate
tax, individual tax, international tax, expatriates, sales and e-commerce
tax, investment tax. |
| NEW! Personal
Business Tax Guide: Providing essential tax news and information
on business for contractors, entrepreneurs, professionals, small businesses,
artists, sportspersons and entertainers. |
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UK Taxpayers Urged To Utilise Indexation Before CGT Flat Rate Hits,
by Robert Lee, Tax-News.com,London 08 February 2008
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Business and financial advisory firm, Grant Thornton, is urging taxpayers to take advantage of indexation before the UK capital gains tax flat rate drops on 6th April this year - provided they have a helpful spouse.
Introduced in 1985 to overcome high levels of inflation which were forcing individuals
to pay CGT on illusory gains, indexation allows anyone offloading an asset to
uplift the base cost of the asset for capital gains purposes for the impact
of inflation between the time the asset was purchased (or April 1982 if earlier)
and April 1998.
Mike Warburton, senior tax partner at Grant Thornton, says those wishing to
minimise their exposure to the flat rate when it begins on 6 April this year
should investigate indexation, as it could save some individuals substantial
amounts of money.
"The current Chancellor plans to abolish Indexation along with Taper Relief
on 6th April when he replaces the existing system with a flat 18% rate of CGT,
but draft legislation issued in January confirms that it should be possible
to retain the benefit of Indexation Relief by giving assets to your spouse,"
stated Warburton.
"Many people selling shares, buy to let properties, or other assets over
the last ten years, have benefited from the indexation that they had earned.
That benefit still exists but only for another two months," he added.
For example, someone who bought an investment property or block of shares in
Summer 1982 for GBP10,000 will have a base cost with Indexation of about
GBP20,000. Transferring those assets to their spouse will give that person
a base cost of that GBP20,000 which will remain there after April this year
when Indexation Relief is abolished.
This could typically reduce their capital gains bill on a future disposal by
as much as GBP1,800. However, there is a complication, because indexation
only applied from April 1982, but recent comments from HMRC seem to indicate
that it will fix any problem with 1982 assets.
Warburton continued: "The draft rules created some uncertainty about whether
an asset held at 1982 would qualify, however, HMRC confirmed that the intention
was that those assets should qualify and will make adjustments to draft legislation
if necessary."
"Particular beneficiaries of this will be farmers and land owners, but
millions of others could do the same and so need to investigate this situation
immediately or else face the difficulty of realising later in the year that
they could have taken advantage of this relief."
Warburton concluded: "Gifts to your spouse or civil partner do not attract
Stamp Duty or tax at the time, so it really is a win-win opportunity for those
prepared to act quickly."
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