Tax voice - February 2018

This month’s tax voice features the corporate interest restrictions, the Scottish Budget and income tax relief restrictions for loan finance apply to residential landlords.

Corporate interest restriction - are you prepared?

16 February 2018

The new corporate interest restriction (CIR) rules, which are effective from 1 April 2017, represent a major departure from the UK's traditional approach to the tax treatment of financing costs.

Residential landlords action needed

16 February 2018

From 6 April 2017, income tax relief restrictions for loan finance costs apply to residential landlords which, as they are phased in, will put financial pressure on many.

Scottish Budget changes to impact employers

16 February 2018

The Scottish Budget issued on 14 December 2017 proposed some radical changes to the income tax regime for Scottish taxpayers from 6 April 2018. While attention has been focussed on the implications for individuals on the receiving end of potential tax increases that raise the tax take from Scottish income tax, the knock-on effects for business across the UK cannot be underestimated.

Taxed for having an opinion?

16 February 2018

Over the last few weeks, HMRC has begun writing letters to individuals who made donations during the EU referendum campaign, ‘inviting’ them to pay inheritance tax (IHT) at 20 per cent on their gift. This immediately led to conspiracy theories about civil servants angry at the outcome of the referendum seeking to punish Brexit supporters.