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Archive:June 2016

Please find below all the articles from June 2016.

June Questions and Answers

Q1. I am thinking of purchasing a new house that I will use as my main residence, but I will still own other properties. Will I be liable to the new 3% stamp duty land tax (SDLT) change?

A: HMRC guidance on the new higher rates of SDLT for purchase of additional residential properties explains that if a previous main residence is replaced within three years, then you will not be liable to the additional 3% SDLT charge, even though you own other residential properties.

Q2. I commenced trading…

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Free pension advisory services to be merged

Pension Wise, the free advice service set up to promote and advise on pensions reform and annuity freedoms, is to be merged with other publically funded advice services on pensions, to create a single website and advisory service.

The Low Incomes Tax Reform Group (LITRG) believes that the merger is a great opportunity for the new unified service to better help those on low incomes. Commenting on the merger, LITRG chairman, Anthony Thomas, said:
‘Advice on money matters has previously been delivered in penny packets by bodies specialising in discrete…

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HMRC go live with Verify identity authentication Verify, the online service taxpayers will need to use to prove their identity before accessing HMRC’s digital services and other government online services, is now live. The central government platform for online identity assurance has been under development for some time by the government digital service (GDS) and has been available in a beta version. It has now passed its service assessment.

It should take around ten minutes for an individual to verify their identity the first time they use Verify, and a couple of minutes any…

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OTS examines potential for new trading vehicle

The Office of Tax Simplification (OTS) recently published a series of recommendations following its simplification review of small company taxation (see OTS recommends simplifications for small companies, April 2016 newsletter). The review focused on incorporated businesses with fewer than 10 employees, known as ‘micro’ businesses, of which there are now some 4.1 million in the UK, with 1.3 million operating through a company structure.

Currently, the UK operates a corporate tax regime on a ‘one-size fits all’ basis, modelled on a traditional company, with third party shareholders and clear…

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New PSC register requirements take effect

From 6 April 2016, all unlisted UK companies, limited liability partnerships (LLPs), or societas europaea (SEs)  are required to maintain a register of the people who have significant control over them. This new register of ‘people with significant control’ is known as the PSC register, and its purpose is to identify individuals who ultimately own or control more than 25% of a company’s shares (or more than 25% of an LLP’s assets), more than 25% of the company/LLP’s voting rights, or who otherwise exercise control over the company…

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