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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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| 08/09 New
PBTG Editor Column, Caroline, PBTG editor |
| 07/09
Flaws Uncovered In UK PAYE Tax System, Tax-News.com |
| 06/09
German Cabinet Agrees 'Future Package', Tax-News.com |
| 03/09
South Africa Rejects Mining Tax, Tax-News.com |
| 02/09 New
Lowtax Editor Column, by Kitty Miv |
| 01/09 New
PBTG Editor Column, Caroline, PBTG editor |
| 01/09 International
Privacy and Security, Investors Offshore special feature |
| 31/08
Lowtax Belize, annual update |
| 27/08
IRS To Drop UBS Lawsuit, Tax-News.com |
| 26/08 New
Lowtax Editor Column, by Kitty Miv |
| 25/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 24/08
Uruguay Stays On OECD Grey List, Tax-News.com |
| 23/08 Don't
Forget Doha, And I Don't Mean The Tennis, Jeremy Hetherington-Gore
blog entry |
| 20/08
Ireland Plans Social Security Overhaul, Tax-News.com |
| 19/08 New
Lowtax Editor Column, by Kitty Miv |
| 18/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 17/06
Lowtax Cayman Islands, annual update |
| 16/08
Germany's Fiscal Court Seeks Property Tax Reform, Tax-News.com |
| 13/08 Jurisdiction
Special Focus: Antigua and Barbuda, Investors Offshore special feature |
| 12/08 New
Lowtax Editor Column, by Kitty Miv |
| 11/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 10/08 Brazil
Cuts Import Tariffs, Tax-News.com |
| 09/08 Ukraine
Tax Code Published, Tax-News.com |
| 06/08
France Plans Reform Of Property Tax Credit, Tax-News.com |
| 04/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 02/08 Islamic
Finance - The New Mainstream Alternative, Investors Offshore special
feature |
| 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 |
| 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 |
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06/07 Hong
Kong Full PBTG Guide, added to Personal Business Tax Guide |
| 28/06
Lowtax Dubai, annual update |
| 18/06 Singapore
- Another Hong Kong?, Investors Offshore special feature |
| 15/06 Swiss
Parliament Approves UBS Agreement, Tax-News.com |
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08/06 Dubai
Full PBTG Guide, added to Personal Business Tax Guide |
| 04/06
Lowtax Panama, annual update |
| 01/06
Lowtax Luxembourg, annual update |
| 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 Finance Act 2008 Promises 'Dramatic' Tax Changes,
by Robert Lee, Tax-News.com, London 24 July 2008
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This year’s UK Finance Bill, which was expected to have received Royal Assent
on 21st July, completing the legislative implementation of the government’s
Pre-Budget Report and Budget announcements, changes the UK’s tax landscape
in many ways, according to PricewaterhouseCoopers LLP.
“This year’s Finance Act has made some dramatic and far reaching
changes to our tax system, commented John Whiting, tax partner, PwC.
"Unlike most recent Acts, it will affect the position of almost all taxpayers
– it is hardly surprising that it is half as long again as last year’s
Act," he added.
The main areas of change within the 166 sections and 46 schedules of the Finance
Act (some 451 pages compared to 309 last year) are as follows:
Income tax:
- Basic rate reduced to 20%
- Starter rate of 10% abolished
- Compensatory increases in personal allowances
- Transitional relief on gift aid for charities
Business tax:
- Main corporation tax rate set at 28% for next year
- Small companies' rate increased to 21%
- Major recast of capital allowances, including phasing out of industrial/agricultural
buildings allowances, reducing the main rate of allowance on plant and machinery
from 25% to 20% and introducing annual investment allowances (100% allowance
on the first £50,000 of plant investment)
Capital gains tax (CGT):
- Single rate of CGT at 18%
- Entrepreneurs' relief introduced: GBP1mn at 10%
Inheritance tax:
- Transfer of unused nil-rate band from a pre-deceased spouse
Excise duties:
- First rise in spirits duty since 1997
Residence and domicile:
- Major recast of the way the 'non-doms' (people who are resident in the UK
but whose real home is overseas) are taxed
HMRC powers:
- New penalty regime extended to all taxes and a similar penalty regime introduced
for failure to notify HMRC on time about tax liabilities
- Wide new powers of inspection for HMRC, including access to business premises,
information gathering, records checking and set off
"Although the Finance Act is on the statute book, there is still much
to be done in some areas to make the new rules workable," Whiting observed.
"The non-dom rules will need changing and there is a lot more to come
on HMRC powers. Next year's Act is already bulking up!" he concluded.
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