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KRW Tax news

21 March 2013

Disincorporation relief to provide corporation tax exemption

on Thursday, 21 March 2013.

A new disincorporation relief will be introduced in April 2013 and will be available for a period of five years. It will allow companies with total qualifying assets not exceeding £100,000 to transfer goodwill and/or an interest in land to its shareholders with no Corporation Tax charge arising.

21 March 2013

Further tax benefits for employee shareholders announced

on Thursday, 21 March 2013.

In September 2013 an ‘employee shareholder’ status is being introduced whereby employees can be given shares worth at least £2,000 in the company they work for, in return for which they give up certain employment rights. It was confirmed in the Budget that the first £2,000 of shares given to an employee will be exempt from PAYE/NIC. This is in addition to the Capital Gains Tax exemption for the first £50,000 of capital gains made on the sale of such shares.

21 March 2013

50% Capital gains holiday where gains reinvested in SEIS shares

on Thursday, 21 March 2013.

The existing 50% Capital Gains Tax relief for gains reinvested into small start-up companies through the Seed Enterprise Investment Scheme (SEIS) will be extended to cover capital gains made in the 2013/14 tax year that are reinvested in SEIS shares in either 2013/14 or 2014/15. This is in addition to the ongoing 50% income tax relief for qualifying SEIS investments.

21 March 2013

Employment allowance to save employers £2,000 pa in NIC from april 2014

on Thursday, 21 March 2013.

From April 2014 all businesses and charities will be eligible for a new £2,000 Employment Allowance, which will reduce their employer's NIC bill by £2,000 per annum. This measure will be welcomed by all businesses that employ staff, while potentially allowing a higher optimum salary level for the Directors of small companies with no employees from April 2014 onwards.

21 March 2013

Main rate of corporation tax cut to 20% from april 2015

on Thursday, 21 March 2013.

It had previously been announced that the main rate of Corporation Tax paid by larger companies will reduce to 23% in April 2013, then to 21% in April 2014, and it has now been confirmed that it will reduce further to 20% with effect from April 2015. As a result a single rate of 20% will apply to companies of all sizes and profit levels from April 2015, greatly simplifying the current system.
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