|
|
|
 |
|
| |
Business Alert 14 November 2007 |
|
|
| |
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.
IHT NIL RATE BANDS PUBLISHED
The Pre Budget Report introduced the transfer of nil rate bands between married couples and civil partners with immediate effect. This means that widows and widowers will benefit from the unused nil rate band in their partner’s estate on their death. Claims will be made on the second death, and the change applies to anyone dying from 9 October 2007, irrespective of the date of their spouse’s death. This means that many widows and widowers will need information about the IHT or other estate tax rules on the date of death of their spouse. Her Majesty’s Revenue and Customs have therefore published the nil rate band for Inheritance Tax, Capital Transfer Tax and Estate Duty as far back as 1914. Claimants will, of course have to provide evidence about the disposition of the deceased’s estate at that time, to show that the nil rate band was not fully utilised.
R & D UNITS A SUCCESS
Large companies claim research and development tax relief through the Large Business Office structure within HMRC, but smaller companies had experienced problems progressing their claims to relief, so a new regional structure of specialist units was created last year. The report on the first year of operation quotes a total of over 5,000 claims successfully dealt with, and the sum of £150 million paid by way of special tax relief for R & D. Case studies on small companies obtaining help with their claims from HMRC are to be published shortly, to encourage more companies to claim.
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.
|
|
|
| |
SEARCH |
| |
|
|
|
|
|