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Edition 65:
March 6th 2008 In this newsletter...
HMRC launches campaign on income from property News
HMRC launches campaign on income from property HMRC has launched a campaign targeted at people who have income from property and have not declared it on their tax returns for the years from 2001/02 onwards. The income includes:
It is issuing letters to taxpayers with copies sent to advisers. Each letter to which you should reply within 30 days will be sent with a declaration form and guidance.
Tax free land Land and buildings can offer good returns on investment in the long term, produce a regular income and underlying value tends to be more stable. There are tax breaks to also encourage you. From April 6, taper relief will be abolished for capital gains made on all types of assets and all gains will be taxed at 18% irrespective of the assets disposed of. However, if you hold certain types of land or buildings, you can still take advantage of tax relief�s for Capital Gains Tax (CGT) and Inheritance Tax (IHT). Where you own land or buildings which are used in your business, you can delay paying tax on any gain you make on their sale by reinvesting the proceeds in certain categories o business assets. The gain is effectively rolled- over into the cost of the new assets, and you only pay tax on the gain when the replacement asset is sold. You must buy the replacement asset in the period starting one year before and ending three years after the sale of the original asset. If you hold land and buildings used for agriculture, their value can qualify for 100% agricultural property relief (APR) and be exempt from IHT. However, there are a number of conditions that must be met; the land must be in the UK and associated buildings must be of an appropriate size and character. Land or buildings used by a business that you control, or by a partnership of which you are a member (and which has been held for at least two years before IHT becomes due on your death or the gift of the land) can qualify for 50% business property relief (BPR) to reduce their value for IHT. Acquiring land for a business purpose abroad attracts the same tax breaks as if the land was located in the UK. So, consider this as one of your options for investing in land.
Free Employment Law Seminar If you have employees YOU NEED to attend our FREE Employment Law Seminar!
This seminar will provide you with practical advice and common sense
solutions to the problems faced by employers today. We will tell you
about new legislation and upcoming changes in the law, recent cases
which have changed the law and anything else of significance to
employers.
Monday 10th March at the Millfields Hotel, Grimsby
�and are open to any business or organisation who wishes to attend.
Please telephone Lizzy Dale if you would like to attend or have any queries on 01472 345888 or email lizzy.dale@aprobinson.biz or fax 01472 345777.
Millionaires Charity Evening Success Childrens party games, an auction, a casino and a live band made the Millionaires charity evening at the Ramada Jarvis on Friday 29th February a huge success raising 8,500 pounds for St Andrews Hospice and Kids charity. A P Robinson & Co showed their support and would like to thank all the organisers and sponsors for their efforts in making the event a great success.
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