Private residence relief reducing

The period that private residence relief impacts on capital gains tax will be reduced from 6 April 2014. Private residence relief – or principal private residence relief – applies for capital gains tax purposes if the dwelling house or part of the dwelling house has been the individual’s only or main residence during some period of ownership. If during the period …

Pensions auto enrolment: an update

Auto enrolment is well underway. Updated guidance outlines when it will impact on businesses of different sizes and what steps they should take. The Pensions Regulator has detailed guidance on the various steps and processes involved with automatic enrolment. This runs to over 250 pages which gives an indication of the complexity of these new regulations and the work involved …

Claiming relief for losses

Supreme Court case clarifies the correct procedures that clients seeking to claim relief on losses should follow. Mr Rouse and Mr Cotter sought relief for losses and elected to relieve the losses by offsetting them against the income tax for the previous year. They made the election by including the relief in the tax return (pre-printed form) for the earlier …

Residence, domicile and the remittance basis

As business becomes ever more global and the workforce more mobile, accountants will often need to consider issues such as residence, domicile and the remittance basis: issues that would have been much rarer just a generation ago. The statutory residence test was introduced from 6 April 2013. Previously it was harder to establish an individual’s residence with any certainty, as it …