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Business Alert 26 September 2007 |
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Welcome to Moore Stephens’ Business Alert Service, designed to help you keep up-to-date with business and tax legislation. The service provides details of key changes, issues and opportunities, and includes suggested action and links to more information.
To receive these Business Alerts automatically, email businessalerts@moorestephens.com.
NEW STATE PENSION RULES ON THE WAY
The Pensions Act 2007 is the biggest overhaul of state pension entitlement since they were introduced. The Act goes a long way to improve the pension rights of many workers who have not been able to pay NIC throughout their working life. The minimum term for a full pension will reduce from 44 and 49 years to 30 years for those due to retire on or after 6 April 2010. This also means that fewer people will need to pay voluntary contributions to make up their pension rights. There will also be a gradual increase in the state pension age, and better rights for carers.
CAPITAL ALLOWANCES CHANGES AFOOT
The complete overhaul of capital allowances form March 2008 may mean that some businesses will need to plan in advance. We do not have absolutely all of the details, but some advance information is available. It is possible that more will be announced in October, as we are expecting the Pre Budget report to be delivered then rather than its traditional timing of December. For those who are constructing a new property, or refitting an existing property, the changes may mean a reduction in allowances on integral fixtures, but contracts placed before March 2008 will be taxed under the existing rules. Keep a lookout for more information!
We believe the information in this Business Alert to be correct at the time it was sent, but cannot accept any responsibility for any loss occasioned to any person as a result of action or refraining from action as a result of any item herein.
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