Corporations pay CGT when they “dispose” of:
In order to determine whether tax needs to be paid companies need to work out gains. The capital gains tax is only paid by sole traders and business partnerships. Other types of companies must pay a corporate tax.
The gain is worked out as a difference between what the business asset was bought for and what the company sold it for. The market value will be used if:
Stamp Duty Land Tax and VAT (unless you can reclaim the VAT)
Companies may be able to reduce the amount of capital gains tax to be paid if they are eligible for tax relief:
|Entrepreneurs Relief||Pay 10% Capital Gains Tax on qualifying profits if you sell all or part of your business (instead of the normal rates)||For sole traders, business partners or those with shares in a ‘personal company’|
|Business Asset Rollover Relief||Delay paying Capital Gains Tax when you sell or dispose of some types of asset if you replace them||Buy the new asset within 3 years of disposing of the old one. Use the old and new assets in your business|
|Incorporation Relief||Delay paying Capital Gains Tax when you transfer your business to a company||Transfer all your business and its assets (except cash) in return for shares in the company|
|Gift Hold-Over Relief||Pay no Capital Gains Tax if you give away a business asset - the person you gave it to pays tax when they sell it||You used the business asset for trading as a sole trader or partner|
On 16 March 2017, the Home Office has released a Statement of Changes to the Immigration Rules. These new changes will affect those applications that need to have a Certificate of Sponsorship and these changes will be in effect on 06 April 2017.
What you should know about European visas after Article 50. The UK Prime Minister Theresa May has so far not changed her mind in regards to the plans of triggering Article 50 before the end of March 2017.
For international students who wish to remain in the UK longer or would like to eventually settle. There are options to choose from, granted you are willing to stay.
As of 16 January 2017 the Prime Minister of the United Kingdom, Theresa May, has given hints that the UK is moving towards a hard Brexit. Although Theresa May insists EU citizens are ‘welcome’ to be in the UK, she cannot guarantee the right of EU citizens in the UK at an early stage. These are troubling news for Europeans and British Citizens currently living and working in the UK.
As of 24 March 2016, the UK government has announced new changes to Tier 2 type visas. This is the migration route for those who have a confirmed job offer to undertake skilled employment in the UK.
The UK government has recently introduced a significant amount of changes to immigration rules and procedures that can influence nationals of European Economic Area. These changes will come into force on the 1st February 2017, however, some changes are happening now.
A new Statement of Changes to the Immigration Rules HC667 has been laid down on the 3rd November 2016. These changes come in a whopping 90 pages however, most changes are in the language itself rather than effect. The significant changes include the increase of the minimum salary requirement of Tier 2 skilled workers; the introduction of a fresh English language requirement for family immigration regarding to Tier 4 visa and the removal of the previous 28 days’ grace period for making out of time immigration applications.