TT128: Merry Christmas from Barnes Roffe

December 22, 2008

We hope that over the last twelve months Topical Tips has been useful and interesting.

In this last Topical Tips for the year we present a round-up of the issues from 2008.

Editors Comments

This year has seen some remarkable events: a climb down by the Chancellor on his removal of taperrelief (see TT111); the introduction of the main bulk of the Companies Act 2006 (see TT114 for some details); a new regime for Capital Allowances (see TT119); more rule changes for so called non-doms (see TT120); a temporary stamp duty land tax relief (see TT123); and extra regulation on landlords (see TT125). However, in terms of drama, nothing compares to the sudden fall in the economy and the drastic measures announced by the Chancellor in his November pre-budget statement.

With VAT down to 15% for 13 months and proposed increases in National Insurance and Income Tax post the next general election, the taxation outlook is best described as ‘changeable’. It is clear that the economic outlook is grim and 2009 will bring some challenges for the whole of the world. More than ever, it remains a fact that good housekeeping and regular advice will allow clients to keep on top of the complex changes ahead. But for now we wish all our clients and contacts a merry Christmas and the very best for the coming year.

We hope that you look forward to receiving Topical Tips in 2009!

Barnes Roffe Topical Tips:

  • Get advice to ensure you make the most of IHT reliefs and exemptions.
  • Ongoing planning can significantly increase your kids’ inheritance.
  • Remember APR only applies to the value of land and buildings used for farming. Any non-farming value – such as development value – is excluded.
  • BPR is available for qualifying businesses and assets. This may include the value of land owned by the business, including its development value.
  • Do not assume that because you own a business it will qualify for BPR – there are conditions and restrictions that could exclude or reduce the relief.
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