Substantial changes have been made to the profit fragmentation anti-avoidance since the original consultation was published, writes Mark Saunders (PwC).
Highlights include tweaks to entrepreneurs’ relief, a new and unexpected ‘structures and buildings allowance’, and the extension of ‘off payroll working’ rules, albeit with some welcome modifications. David Whiscombe (BKL) reports.
Entrepreneurs’ relief is meant to encourage the owners of successful companies. But owners who raise extra funds to grow their businesses can find that doing so means that they lose their entitlement to relief. The draft bill includes measure to alleviate this problem, but they only come into effect on 6 April next year so business owners need to take great care in the timing of any new fundraising.
HMRC and HM Treasury have published a consultation document considering a number of potential options for improving levels of compliance with the off-payroll working rules (IR35) in the private sector.
The Scotland Act 1998 (Specification of Devolved Tax) (Wild Fisheries) Order, SI 2018/177, provides that specific taxes the Scottish government proposes to introduce in a Wild Fisheries (Scotland) Bill, to fund the conservation of freshwater fish and the management of wild fisheries, are to be de