Sell up or pay up

Article Abstract:

The UK government's plans to make changes to the regulations governing capital gains tax (CGT) will mean that from Apr 1999 owner-directors who retire will not be eligible for CGT relief. This is being opposed by small and medium-sized company owners, who emphasize that the new regulations will mean tax liability for business owners making only small gains, while bringing benefits for those selling large businesses at substantial profits. More than 150 MPs have signed an Early Day motion calling on Chancellor Gordon Brown to reconsider the new system.

Personal Taxes-Capital Gains, Personal income tax, Tax policy, Capital gains tax

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An ACT of attrition

Article Abstract:

The United Kingdom government is likely to abolish advance corporation tax (ACT) and move to quarterly corporation tax payments rather than payment on an annual basis. This could create administrative problems for small businesses, and their representatives want assurance that small firms will be able to pay on an annual basis. Pension funds can no longer receive ACT credits, and the existence of ACT is almost an anomaly. Abolition would lead to a funding gap for the government so a quarterly system may be introduced.

Tax Administration, Corporate taxes, Corporations

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Small firms fear VAT changes

Article Abstract:

UK Customs and Excise officials are consulting with small businesses about possible changes to the Value Added Tax (VAT) system. Business representatives are unhappy about possible amendments to the 50,000 pounds sterling turnover threshold at which companies enter the VAT system. A number of options for amending threshold regulations are under consideration, but small firms maintain that consequences of changes could include less business expansion and increasing black market activity.

Taxes NEC, Value-added tax

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