News in briefTax simplification measuresSmall businesses have welcomed the announcement to delay “income shifting” legislation by a year. These anti-avoidance rules for family-run businesses have been highly controversial because they would impose a big administrative burden on small companies. Concessions were also announced by the Treasury on the new tax regime from April for non-domiciled residents. The chancellor said that the new regime would not be substantially revisited during this parliament or the next. Children will be exempt from a £30,000 charge for foreigners who have lived in Britain for more than seven years and who want to keep their offshore income out of the tax net. The Treasury has exempted many more people from the new regime by doubling to £2,000 the threshold of foreign income needed to trigger additional taxes. The Treasury also announced more than 20 other tax simplification measures, including changes to the tax system for financial services and the charitable sector. Levels and bases of, and reliefs from, taxation are subject to change. |
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