This page is intended to be the home for News and Updates as well as matters of current concern
Taxation podcasts – scripts and updates and more – these podcasts are designed with small practitioners and reasonably financially literate taxpayers in mind, focussing on changes, problems and pitfalls in the field of taxation in the UK – hear them at http://web.me.com/paulsoper and through the Apple iTunes store, read the text of each podcast here and study examples in closer detail and now click on the title of each podcast script to hear the podcast directly here. If you want a more light-hearted look at taxation issues why not visit my other blog – taxation podcast musings – http://taxationpodcastmusings.wordpress.com/
News and Updates
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Taxation Podcasts
taxationpodcasts
Paul Soper FCCA
taxationpodcasts 
Postponement of the new Statutory Residence test – see Podcast 10
The government announced on 6 December that the new statutory residence test would be postponed until 6 April 2013 as I suspected they might.
New limit on use of ESC C16 – £25,000
Using powers which allow HMRC/Treasury to legislate Extra Statutory Concessions without having to include the legislation in Finance Bill, from 1 March 2012 there will be a statutory mechanism to allow taxpayers to distribute reserves of up to £25,000 as capital when a company is being struck off under s1000 or s1003 CA2006. Distributions in excess of this figure will be taxed as income unless taxpayers choose to use a liquidator to extract the money from the company in which case it will still be a gain and charged at only 10%. As it will cost, according to HMRC, £7,500 to have a company liquidated, this will only be justifiable if distributable reserves exceed £75,000.
Taxation Podcast Musings
This site is intended for a serious look at a topical taxation issue every month but I felf I also wanted to be able to put some more “light-hearted” taxation material on-line hence Taxation Podcasts Musings – http://taxationpodcastmusings.wordpress.com/ – the first two posts conern topics ranging from the necessity to define a santa claus hat to the pressing question if you own a rabbit – “Pet or Pot?”
31 May 2012 – update: George Osborne apparently stated today (although there is as yet no confirmation on either the Treasury of the HMRC websites) this:
Mr Osborne said: “I can confirm that we will proceed next year with a cap on income tax reliefs for wealthy people, but we won’t be capping relief for giving money to charity. It is clear from our conversations with charities that any kind cap could damage donations, and as I said at the Budget that’s not what we want at all. So we’ve listened.”
The point is that the capping of losses and interest relief will go ahead despite the damage that this is likely to cause to the SME sector – this measure, remember, is supposedly aimed at multi-millionaires but the limit, £50,000 or 25% of income is set so low that it WILL affect many smaller businesses – Consultation is likely to start in June or July and it is still critical that that taxation professionals and their clients make it quite clear how damaging this proposal may be.
Remember – if you or a client of yours is likely to be adversely affected by this proposal you will only have yourself to blame if you fail to take part in the consultation later this year.