Organising your tax affairs in order to reduce your income tax liability may soon be curbed, in line with Government proposals to restrict income tax relief. But the proposed ‘tycoon tax’ is also causing a great deal of friction, as generous charitable donations by wealthy philanthropists look set to fall out of favour for tax planning. And they’re not the only ones adversely affected…
How will UK Budget 2012 affect high earners and entrepreneurs? Craig Kemsley, Head of London Private Client at Grant Thornton, gives a summary – watch the video or continue reading for a text roundup of the main points.
There was something of a Budget ‘give away’ flavour to the Chancellor George Osborne’s speech. So what were the big Budget 2012 changes for individuals, higher earners and high net worth individuals (HNWIs)? Francesca Lagerberg, Head of Tax at Grant Thornton, reviews today’s Budget highlights.
How are high net worth individuals (HNWIs) and high earners in the UK likely to be affected in next week’s Budget? Francesca Lagerberg, Grant Thornton’s Head of Tax, makes a few predictions, from pension tax relief to a potential new VAT on luxury goods.
The plumbers amnesty (Plumber’s Tax Safe Plan or PTSP) that HM Revenue & Customs (HMRC) launched in March, was criticised as being a ‘damp squib’ at the time after a low take-up with many plumbers unconvinced that HMRC had any information about any undisclosed earnings. HMRC has hit back with news that it has arrested five plumbers on suspicion of tax evasion.
In July 2010, the chancellor announced the establishment of an Office for Tax Simplification (OTS). It was set up to work with tax professionals, and Grant Thornton has given full support. After the OTS produced an interim report last November and a final report in time for the March Budget, the chancellor duly announced his acceptance of some of the recommendations. Mike Warburton reviews the UK’s high volume of tax legislation and the new body’s role.
Here’s quick refresher of tax changes that kick in from today (6 April 2011), by Grant Thornton’s Head of Tax, Francesca Lagerberg, who says that it will be high net worth individuals (HNWIs) who have more to feel down about overall, including limits on how much they can save in their pension funds.
What lies in store for high net worth individuals (HNWIs) and high earners in the UK in next week’s Budget? Francesca Lagerberg, Grant Thornton’s Head of Tax, makes some predictions…
Tax hikes announced with more spending cuts and blood-letting to follow in the autumn – that’s how Chancellor George Osborne’s intends to balance the books with today’s Emergency Budget. But what didn’t he mention?
