Anti-avoidance exemptions

Article Abstract:

The UK's Income Tax (Sch 22 to the Finance Act 1995)(Prescribed Amounts) Regulations 1997 sets the financial limits of the tax exemptions that small business and small incomes can claim from the self-assessment anti-avoidance provisions of Finance Act (FA) 1995. These provisions provide protection against the effect of artificially shifting income or profits into a relevant transitional period. They take effect upon the use of specific types of transaction and arrangements that result in such a move. The conditions when the anti-avoidance provisions will not apply when an individual or a partnership has artificially shifted profits, in the case of 'partnership refinancing,' and when the aggregate amount of interest or other income has been moved into the transitional period or the transitional period are discussed.

United Kingdom, Prevention, Small business, Tax policy, Tax evasion, Double taxation

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Post-budget, pre-election

Article Abstract:

Tax planning opportunities available during the interim period between the UK's announcement of its 1987 budget and its General Election are discussed. Both the Labour Party and the Liberal Alliance plan, if elected to power, plan to increase the amount of income tax paid by the rich. In that event, high income individuals should keep their financial plans flexible and avoid high-yield investments or heavy spending commitments. New employee benefits packages should probably not be introduced until after the election. Inheritance taxes would be affected by any change in government; both parties would likely reinstitute a tax on lifetime transfers of wealth soon after taking office. As a result, individuals who are considering transferring assets during their lifetime should act quickly.

Tax planning, Political aspects, Great Britain

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Tax

Article Abstract:

A number of short articles relating to taxation are presented. These include stakeholder pensions, farming losses, overseas clients, income from savings, voluntary arrangements and stamp duty.

Standards, Accounting

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