Taxation enters the age of equality

Article Abstract:

The 1988 UK Finance Bill requires husbands and wives to be taxed separately as of Apr 6, 1990. This will improve the equality of tax burdens and responsibilities and the privacy of women's financial affairs, but the new law also offers new tax-saving planning opportunities for married couples. Requirements of the new law for each member of a couple include: filing separate returns and accounting for one's own taxes, receiving personal allowances, and having one's own basic income tax level. Husband and wife will each receive the 2,605 pounds sterling single person allowance, though the husband will also receive a married couple's 1,490 pounds sterling allowance that he can transfer to his wife. Joint assets and mortgage interest relief are generally divided for tax purposes. Capital gains will be taxed separately.

Finance, taxation, & monetary policy, Analysis, Taxation, Tax planning, Husband and wife, Husband-wife relations, Tax policy, Joint tax returns

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Business expansion scheme and assured tenancies

Article Abstract:

The extension of the Business Expansion Scheme (BES) to assured tenancies in the rental housing market was part of the provisions in the Finance Act of 1988. The scheme provides low risks and tax breaks for investors, but relief is limited to 40,000 pounds sterling annually. It is given against income tax at investors' marginal rates. Also, properties must be rented to tenants as their principal residences under Housing (Scotland) Act 1988 assured tenancy rules. Participation in the BES scheme can be accomplished by investing in BES assured tenancy companies or joining property clubs. However, property cannot exceed 125,000 pounds sterling in value in London or 85,000 pounds sterling in other locations.

Management, Laws, regulations and rules, Housing, Economic policy, Scotland, Rental housing

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A radical, reforming budget

Article Abstract:

Significant aspects of the 1988 UK budget are reviewed. A simplification of the tax structure and a ceiling on income tax rates of 40% are major changes. Other new rules concern taxes on capital gains, tax shelters, inheritance, and corporations.

Finance, Forecasts and trends, Budget, Budgeting, Budgets, Expenditures, Public, Public expenditures

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