Company concessions coloured by technical blitz

Article Abstract:

The UK Finance Act of 1989, while relaxing certain areas of corporate taxation, introduces a variety of new technical amendments in order to prevent income tax evasion. The Act repeals the apportionment provisions for accounting periods starting April 1, 1989. The Finance Act also provides that close investment-holding companies (CICs) will be taxed in a similar manner to ordinary companies. The Act creates additional tax exposure for capital gains realized from appreciating assets, thus curtailing future use of CICs for purely fiscal reasons. New advanced corporation tax rules introduce group reorganization provisions in the areas of ownership changes, asset routing, and group elections in order to prevent companies from reducing or eliminating capital gains through reorganizations or corporate acquisitions and disposals.

Taxation, Corporate taxes, Corporations, Small business investment companies

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Financing your car fleet

Article Abstract:

The major factors that affect the cost of financing a fleet of company cars in Great Britain are: the cost of acquiring the cars, the impact of asset increases on the balance sheet, the administrative costs of maintaining the fleet, and the tax on the company car fleet. The five options for acquiring a British car fleet are cash payment, borrowing, hire purchase (rent-to-own), finance leases, and contract hire. The taxation and tax benefits of a company fleet will vary according to the method of acquisition. A company car is one of the most tax-effective forms of employee compensation available in Great Britain. Techniques for calculating operating costs and cash flow effects related to acquiring a fleet of cars are included.

Finance, Car leasing, Car rental, Contracts, Automobiles, Automobiles, Company, Company cars

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Separation and divorce: minimizing the financial loss

Article Abstract:

Short-term tax considerations for planning the finances of divorced people under UK law are discussed. The husband and wife's income ceases to be aggregate from the date of separation. Maintenance payments only qualify for tax relief for the person making the payment. Voluntary payments do not qualify for tax relief. Children are regarded as separate individuals and are given their own allowances and reliefs. Tuition payments should be made through the courts, rather than given directly to the school. Tax laws governing mortgages, capital gains, and inheritances in the event of a divorce are also discussed.

Laws, regulations and rules, Accounting and auditing, Divorce, Divorce settlements

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