Specialist Tax News

21 December 2022

Scottish income tax rates for 2023/24

The Scottish Parliament has the power to set income tax rates on non-savings and non-dividend income for Scottish taxpayers. In the Scottish Budget of 15 December

21 December 2022

Diary of main tax events January/ February 2023

Date What’s Due 01/01 Corporation tax payment for year to 31/3/22 (unless quarterly instalments apply) 19/01 PAYE & NIC deductions, and CIS return and

31 October 2022

U-turns to steady the financial markets

In his Fiscal Statement delivered on 23 September 2022, the previous Chancellor, Kwasi Kwarteng, introduced a Growth Plan including the tax cuts promised by Liz Truss

31 October 2022

NIC rate change goes ahead

The legislation to abolish the 1.25 percentage point increase in the rate of National Insurance Contributions (NICs) paid by workers, employers and the self-employed was already

31 October 2022

SDLT changes go ahead

On 23 September 2022, it was announced that the Stamp Duty Land Tax (SDLT) nil-rate threshold on residential property would be increased from £125,000 to £250,000.

31 October 2022

Corporation tax rates to increase after all

Another of Liz Truss’ flagship policies was to halt the planned rise in corporation tax rates from 1 April 2023. These increases will now go ahead.

31 October 2022

Income tax rates stand still

Undoing all measures announced since 23 September 2022, the rates of income tax applicable to non-dividend income remain as they are now; namely a 20% basic

31 October 2022

Impact on profit extraction

The corporation tax rate increases and the continuance of the higher income tax rates on dividends will impact on the profit extraction strategies adopted by director/shareholders

31 October 2022

Off-Payroll working lives to see another day

The 23 September Fiscal Statement included the unexpected news that the “off-payroll working” (OPW) rules would be scrapped from 6 April 2023. These rules were introduced

31 October 2022

£1 million Annual Investment Allowance to stay

The Government will continue to support business capital investment by keeping the level of the 100% Annual Investment Allowance (AIA) at £1 million. This deduction is

31 October 2022

SEIS changes go ahead

The Government will continue to support the Seed Enterprise Investment Scheme (SEIS), although we still await further detail. In the original 23 September 2022 statement, it

31 October 2022

Energy support to be reviewed in April 2023

It should be noted that there has also been a U-turn on the original 2-year cap on domestic gas and electricity tariffs. Instead, the cap will