This portfolio assessment tool helps users identify how well their money is protected from three wealth killers: market risk, fees and commissions, and taxes. It also determines how completely the portfolio benefits from five money needs: safety, growth, income, liquidity, and tax efficiency. After completing the assessment, users can see if their portfolio aligns with their aspirations for their money, retirement, and family legacy. The tool recommends consulting a WealthSmart America Advisor if the current strategy does not eliminate the wealth killers or deliver the money needs.
CrossFit is a Strength and Conditioning program designed to Improve Endurance, Stamina, Strength, Flexibility, Power, Speed, Coordination, Agility. Read more.
El documento evalúa el recurso web "Colombia aprende" según varios criterios como la información de contacto, la fiabilidad de la información, las opciones de acceso y la actualización. El recurso cumple con la mayoría de los criterios como tener información relacionada con la materia del centro catalogador, estar editado por una entidad reconocida, y estar disponible sin requerimientos especiales. Sin embargo, carece de algunos enlaces como citaciones en otros documentos de Google, especialmente en algunos cursos de formación.
The new tax rules will restrict tax relief on finance costs for residential landlords to the basic rate of income tax from April 2017. Currently, landlords can deduct all finance costs such as mortgage interest from their rental income. Under the new rules, relief will be restricted gradually over four years until 2020/21 when all financing costs can only be claimed as a basic rate tax reduction. This is likely to increase the tax liability for many residential landlords. The changes may also impact other areas such as eligibility for child benefit due to an increase in adjusted net income. Professional advice should be sought to understand the implications and consider options to reduce income where applicable.
The document discusses changes to the UK tax-free childcare scheme. The introduction has been delayed until 2017 following a Supreme Court challenge. This gives employed workers more time to assess the financial implications as many may be disadvantaged under the new scheme. It also provides relief for expectant parents who would have otherwise missed out on childcare vouchers. The maximum amount that can be earned tax-free from renting out rooms in your home will increase to £7,500 per year from April 2016.
Horner Downey and Company Spring 2017 NewsletterJenny Ferguson
The document discusses upcoming changes to the UK's VAT flat rate scheme. Beginning in April 2017, a new 16.5% flat rate will apply to businesses classified as "limited cost traders," defined as those that spend less than 2% of their VAT-inclusive turnover on goods in an accounting period. Certain benefits, like pension contributions and ultra-low emission vehicles, will be exempt from changes removing tax advantages from salary sacrifice schemes. Employers and employees may need to rethink current salary sacrifice arrangements due to the rule changes.
The document discusses the upcoming 1% increase to the Insurance Premium Tax (IPT) in the UK from 10% to 12% effective June 1, 2017. It notes that this will affect 27 million households, 17 million drivers, and most businesses. Experts estimate that the tax hike could force many individuals and businesses to reduce or drop their insurance coverage. The document also outlines specifics of how the new tax rate will apply and potential repercussions, such as increased uninsured drivers and underinsured small businesses.
This portfolio assessment tool helps users identify how well their money is protected from three wealth killers: market risk, fees and commissions, and taxes. It also determines how completely the portfolio benefits from five money needs: safety, growth, income, liquidity, and tax efficiency. After completing the assessment, users can see if their portfolio aligns with their aspirations for their money, retirement, and family legacy. The tool recommends consulting a WealthSmart America Advisor if the current strategy does not eliminate the wealth killers or deliver the money needs.
CrossFit is a Strength and Conditioning program designed to Improve Endurance, Stamina, Strength, Flexibility, Power, Speed, Coordination, Agility. Read more.
El documento evalúa el recurso web "Colombia aprende" según varios criterios como la información de contacto, la fiabilidad de la información, las opciones de acceso y la actualización. El recurso cumple con la mayoría de los criterios como tener información relacionada con la materia del centro catalogador, estar editado por una entidad reconocida, y estar disponible sin requerimientos especiales. Sin embargo, carece de algunos enlaces como citaciones en otros documentos de Google, especialmente en algunos cursos de formación.
The new tax rules will restrict tax relief on finance costs for residential landlords to the basic rate of income tax from April 2017. Currently, landlords can deduct all finance costs such as mortgage interest from their rental income. Under the new rules, relief will be restricted gradually over four years until 2020/21 when all financing costs can only be claimed as a basic rate tax reduction. This is likely to increase the tax liability for many residential landlords. The changes may also impact other areas such as eligibility for child benefit due to an increase in adjusted net income. Professional advice should be sought to understand the implications and consider options to reduce income where applicable.
The document discusses changes to the UK tax-free childcare scheme. The introduction has been delayed until 2017 following a Supreme Court challenge. This gives employed workers more time to assess the financial implications as many may be disadvantaged under the new scheme. It also provides relief for expectant parents who would have otherwise missed out on childcare vouchers. The maximum amount that can be earned tax-free from renting out rooms in your home will increase to £7,500 per year from April 2016.
Horner Downey and Company Spring 2017 NewsletterJenny Ferguson
The document discusses upcoming changes to the UK's VAT flat rate scheme. Beginning in April 2017, a new 16.5% flat rate will apply to businesses classified as "limited cost traders," defined as those that spend less than 2% of their VAT-inclusive turnover on goods in an accounting period. Certain benefits, like pension contributions and ultra-low emission vehicles, will be exempt from changes removing tax advantages from salary sacrifice schemes. Employers and employees may need to rethink current salary sacrifice arrangements due to the rule changes.
The document discusses the upcoming 1% increase to the Insurance Premium Tax (IPT) in the UK from 10% to 12% effective June 1, 2017. It notes that this will affect 27 million households, 17 million drivers, and most businesses. Experts estimate that the tax hike could force many individuals and businesses to reduce or drop their insurance coverage. The document also outlines specifics of how the new tax rate will apply and potential repercussions, such as increased uninsured drivers and underinsured small businesses.
This document provides six tax-saving tips for businesses:
1. Choose the optimal business structure to minimize tax liability based on level of profits.
2. Carry business losses forward to offset against future profits or other income sources.
3. Claim deductions for tax-deductible business expenses incurred close to the fiscal year-end.
4. Maximize claims for capital allowances on business equipment and machinery purchases.
5. Reclaim input VAT on fuel costs for business travel if employees are reimbursed.
6. Review company vehicle arrangements to optimize tax efficiency.
A Fixed Indexed Annuity that pays a 12% Bonus to all deposits and transfers, (regular or IRA accounts). This Annuity will never lose money and also offers an optional Lifetime Income Rider.
Top tax saving tips for small businessesPractice Eye
1. The document provides 13 tips for small businesses to save on taxes, including claiming expenses for items purchased before starting a business as a sole trader, withdrawing earnings of up to £38,474 from a limited company without paying additional income tax or national insurance, and maximizing the Annual Investment Allowance which was increased to £500,000 for 2014-2015 and 2015-2016.
2. Additional tips include paying a small salary up to the personal allowance and the rest as dividends from a limited company, claiming expenses for a business mobile phone, and claiming home office expenses at a flat rate of £4/week or using the appointment method for higher claims.
3. Married couples or civil partners should
This document discusses how life insurance strategies can help mitigate taxes and efficiently transfer wealth by moving excess capital from a taxable environment to a non-taxable one. It provides an example of a couple investing $100,000 annually for 10 years into a tax-exempt corporate owned whole life insurance policy, which would result in over $8.5 million in their total estate after tax, compared to around $1.6 million if they invested in a fixed income portfolio. The document stresses acting now given recent tax rate changes and upcoming changes to insurance legislation that will affect the tax benefits of such strategies.
This document summarizes several topics from a newsletter:
1) It introduces Investors' Relief, which provides a 10% capital gains tax rate for investments in unlisted trading companies held for at least 3 years, similar to Entrepreneurs' Relief. Investors' Relief may benefit non-working investors and companies seeking capital as an alternative to EIS/SEIS.
2) It outlines the key eligibility criteria for Investors' Relief, including requirements for the shares, holding period, and that the shares must be newly issued.
3) It notes that while Investors' Relief and Entrepreneurs' Relief are similar, Investors' Relief is designed for non-working investors rather than shareholders
Horner Downey & Co Year End 2017-18 NewsletterJenny Ferguson
This document provides information and advice about ways to reduce taxes before the end of the 2017/18 tax year on April 5th, including maximizing personal tax allowances, reviewing company car arrangements, taking business profits tax-efficiently, considering retirement planning options, and utilizing savings vehicles like ISAs. It also notes upcoming tax changes in 2018/19 such as reductions to the dividend allowance and increases to tax rates on company cars.
The document is a summary of the 2016 UK Budget report. Key announcements include reducing the corporation tax rate to 17% by 2020, doubling small business rate relief, abolishing class 2 national insurance contributions for self-employed individuals from 2018, and increasing the personal tax allowance to £11,500 from 2017. Business measures also include changes to business rates thresholds, capital allowance extensions, and reforms to corporation tax loss relief.
Horner Downey & Co Year End Strategies NewsletterJenny Ferguson
The document discusses strategies for business owners to reduce taxes in the current tax year before the deadline of April 5th, 2018. It focuses on reviewing company car policies given rising tax percentages, and considering paying employees for business miles instead of providing a company car. It also discusses extracting profit from a business in a tax-efficient manner through dividends versus salary/bonuses given changes to dividend tax rates, and other options like incorporation or pension contributions.
Horner downey and company ltd year end strategiesJenny Ferguson
The document discusses strategies for business owners to reduce taxes in the current tax year before the deadline of April 5th, 2018. It focuses on reviewing company car policies given rising tax percentages, and considering paying employees for business miles instead of providing a company car. It also discusses extracting profit from a business in a tax-efficient manner through dividends versus salary/bonuses given changes to dividend tax rates, and other options like incorporation or pension contributions.
Horner Downey & Co Year End Strategies NewsletterJenny Ferguson
The document discusses various tax planning strategies that can be implemented before 5 April 2018 to reduce tax liabilities. It recommends reviewing business motoring strategies as company cars may not always be the most tax-efficient option. It also suggests maximizing the use of personal allowances across a family, utilizing tax advantaged savings schemes like ISAs and pensions, and considering different methods of extracting profit from a business in a tax efficient manner like dividends. The document is aimed at helping clients identify areas to improve their financial planning and tax position before the end of the tax year.
Horner downey and company ltd ye 201718Sarah Davies
The document discusses various tax planning strategies that can be implemented before 5 April 2018 to reduce tax liabilities. It recommends reviewing business motoring strategies as company cars may not always be the most tax-efficient option. It also suggests maximizing the use of personal tax allowances across a family, extracting profits from a business in a tax-efficient manner such as through dividends, and contributing more to pension funds to benefit from tax relief. The document provides information on the annual ISA allowance and the new Lifetime ISA. It stresses the importance of ongoing tax planning throughout the year.
International Best Tax practices in India || An Article by CA. Sudha G. BhushanTAXPERT PROFESSIONALS
The document summarizes new tax provisions introduced in the Indian Budget of 2017 relating to international best practices. Key points include:
1) Thin capitalization rules were introduced to limit interest deductions for loans between related parties to 30% of EBITDA. This aims to prevent profit shifting through excessive interest payments.
2) Secondary adjustment rules were introduced to ensure consistency between transfer pricing adjustments and actual profits. If a primary transfer pricing adjustment is made, the excess cash must be received within a specified time or interest will apply.
3) Clarification was provided on determining a company's tax residence based on its place of effective management. This aims to prevent artificial shifting of control/management to avoid residential status in India
Grant Thornton Hungary Tax News - November 2014 en (2)Alex Baulf
Tax Service News from Grant Thornton Hungary:
Grant Thornton Hungary would like to call your attention to the most important tax law changes. Most of the changes will enter into force by 1 January 2015. We indicate separately, if legislation enters into force at a different date.
The information provided herein is of general nature and is based on facts subject to change. Such information may not be regarded and therefore in no way interpreted as accountancy, legal or taxation advice provided to the reader by Grant Thornton Hungary. These materials are not aimed at complying with particular scenarios and to be suitable for application in certain situations, therefore the consideration of certain taxation law and other factors not
discussed herein may be necessary. With regard to this – should you resolve upon any action whatsoever based on the information provided herein – it is recommended to establish contact with Grant Thornton Hungary or other taxation specialists. Amendments of the taxation laws and other factors may influence the contents communicated herein – in certain cases even with retroactive effect. Grant Thornton Hungary assumes no responsibility of informing the readers of these changes.
The Autumn Statement summarized the main changes to tax rates and allowances for individuals, companies, and trustees announced by the Chancellor. Key points included:
- The personal income tax allowance will increase to £10,600 and the higher rate threshold will rise to £42,385 from April 2015.
- The annual CGT exempt amount will rise to £11,100.
- Pension flexibility reforms will allow over-55s greater access to pension pots and beneficiaries of those who die under 75 will receive payments tax-free.
- Stamp duty land tax will be charged progressively on bands of property value up to £937,500.
Taxation policies affect the demand for healthcare insurance. In the UK, most health insurance policies are subject to Insurance Premium Tax of 5% of annual premiums. In Rwanda, VAT of 18% is charged on medical insurance premiums and broker commissions. Companies can deduct healthcare insurance premiums for employees as a business expense but employees must pay income tax on premiums as a taxable benefit. Health trusts were developed as an alternative to insurance to avoid Insurance Premium Tax, but come with administrative burdens. Stop-loss insurance protects against high-cost claims and is subject to Premium Tax. Self-insurance, cash policies, and spending from savings are also alternatives to traditional health insurance.
The document provides 13 tax strategies for saving money, as outlined by Mark Huber, CFP. Strategy #1 recommends lending money to a lower-income spouse at the prescribed interest rate of 1% so any investment gains will be taxed at the spouse's potentially lower tax rate. Strategy #2 suggests liquidating investments to pay down non-deductible debt and replacing them by borrowing to make the interest deductible. Strategy #3 recommends selling losing investments to offset capital gains.
The government will reintroduce measures that were dropped from the 2017 Finance Bill, including backdating some changes to April 2017. Key measures to be reintroduced are reductions to the money purchase annual allowance and pensions advice allowance, changes to non-domiciled tax rules, and recalculation of disproportionate bond gains. Additionally, the dividend allowance will be cut from £5,000 to £2,000 starting in 2018/19, mainly impacting small and medium business owners who take profits as dividends.
The document discusses several topics:
1) The new Lifetime ISA (LISA) being introduced in 2017 aims to help young people save for both a first home and retirement by allowing contributions of up to £4,000 per year with a 25% government bonus.
2) Under the LISA, savings and bonuses can be withdrawn tax-free from age 60 or to purchase a first home worth up to £450,000. Contributions can be made until age 50.
3) Brexit may impact financial markets in the short-term ahead of the June 23rd EU referendum, but constant changes based on short-term events is generally counterproductive for long-term investment. The impacts of either
The document summarizes key changes in India's personal and corporate tax codes for 2016. For individuals, the surcharge rate was increased, dividend income over 1 million rupees is now taxable, and tax rebates and deductions for house rent, home loans, and capital gains were increased. Corporate tax rates were reduced for small companies and new manufacturing companies. Presumptive taxation and tax incentives for employment were introduced for small businesses and professionals. A one-time income declaration scheme allows the disclosure of previously undisclosed income by paying tax at 45%. Transfer pricing documentation requirements were expanded.
The summary highlights key proposals from the 2016 Federal Budget related to taxation that may impact individuals, investors, and business owners. Some of the key proposals include replacing the Canada Child Tax Benefit and Universal Child Care Benefit with a new Canada Child Benefit, eliminating the income splitting credit, phasing out the children's fitness and arts tax credits, and enhancing Old Age Security and the Guaranteed Income Supplement. The budget also proposes changes to taxation of mutual fund corporations, small business deductions, and capital gains treatment of donations of private corporation shares or real estate.
This document provides six tax-saving tips for businesses:
1. Choose the optimal business structure to minimize tax liability based on level of profits.
2. Carry business losses forward to offset against future profits or other income sources.
3. Claim deductions for tax-deductible business expenses incurred close to the fiscal year-end.
4. Maximize claims for capital allowances on business equipment and machinery purchases.
5. Reclaim input VAT on fuel costs for business travel if employees are reimbursed.
6. Review company vehicle arrangements to optimize tax efficiency.
A Fixed Indexed Annuity that pays a 12% Bonus to all deposits and transfers, (regular or IRA accounts). This Annuity will never lose money and also offers an optional Lifetime Income Rider.
Top tax saving tips for small businessesPractice Eye
1. The document provides 13 tips for small businesses to save on taxes, including claiming expenses for items purchased before starting a business as a sole trader, withdrawing earnings of up to £38,474 from a limited company without paying additional income tax or national insurance, and maximizing the Annual Investment Allowance which was increased to £500,000 for 2014-2015 and 2015-2016.
2. Additional tips include paying a small salary up to the personal allowance and the rest as dividends from a limited company, claiming expenses for a business mobile phone, and claiming home office expenses at a flat rate of £4/week or using the appointment method for higher claims.
3. Married couples or civil partners should
This document discusses how life insurance strategies can help mitigate taxes and efficiently transfer wealth by moving excess capital from a taxable environment to a non-taxable one. It provides an example of a couple investing $100,000 annually for 10 years into a tax-exempt corporate owned whole life insurance policy, which would result in over $8.5 million in their total estate after tax, compared to around $1.6 million if they invested in a fixed income portfolio. The document stresses acting now given recent tax rate changes and upcoming changes to insurance legislation that will affect the tax benefits of such strategies.
This document summarizes several topics from a newsletter:
1) It introduces Investors' Relief, which provides a 10% capital gains tax rate for investments in unlisted trading companies held for at least 3 years, similar to Entrepreneurs' Relief. Investors' Relief may benefit non-working investors and companies seeking capital as an alternative to EIS/SEIS.
2) It outlines the key eligibility criteria for Investors' Relief, including requirements for the shares, holding period, and that the shares must be newly issued.
3) It notes that while Investors' Relief and Entrepreneurs' Relief are similar, Investors' Relief is designed for non-working investors rather than shareholders
Horner Downey & Co Year End 2017-18 NewsletterJenny Ferguson
This document provides information and advice about ways to reduce taxes before the end of the 2017/18 tax year on April 5th, including maximizing personal tax allowances, reviewing company car arrangements, taking business profits tax-efficiently, considering retirement planning options, and utilizing savings vehicles like ISAs. It also notes upcoming tax changes in 2018/19 such as reductions to the dividend allowance and increases to tax rates on company cars.
The document is a summary of the 2016 UK Budget report. Key announcements include reducing the corporation tax rate to 17% by 2020, doubling small business rate relief, abolishing class 2 national insurance contributions for self-employed individuals from 2018, and increasing the personal tax allowance to £11,500 from 2017. Business measures also include changes to business rates thresholds, capital allowance extensions, and reforms to corporation tax loss relief.
Horner Downey & Co Year End Strategies NewsletterJenny Ferguson
The document discusses strategies for business owners to reduce taxes in the current tax year before the deadline of April 5th, 2018. It focuses on reviewing company car policies given rising tax percentages, and considering paying employees for business miles instead of providing a company car. It also discusses extracting profit from a business in a tax-efficient manner through dividends versus salary/bonuses given changes to dividend tax rates, and other options like incorporation or pension contributions.
Horner downey and company ltd year end strategiesJenny Ferguson
The document discusses strategies for business owners to reduce taxes in the current tax year before the deadline of April 5th, 2018. It focuses on reviewing company car policies given rising tax percentages, and considering paying employees for business miles instead of providing a company car. It also discusses extracting profit from a business in a tax-efficient manner through dividends versus salary/bonuses given changes to dividend tax rates, and other options like incorporation or pension contributions.
Horner Downey & Co Year End Strategies NewsletterJenny Ferguson
The document discusses various tax planning strategies that can be implemented before 5 April 2018 to reduce tax liabilities. It recommends reviewing business motoring strategies as company cars may not always be the most tax-efficient option. It also suggests maximizing the use of personal allowances across a family, utilizing tax advantaged savings schemes like ISAs and pensions, and considering different methods of extracting profit from a business in a tax efficient manner like dividends. The document is aimed at helping clients identify areas to improve their financial planning and tax position before the end of the tax year.
Horner downey and company ltd ye 201718Sarah Davies
The document discusses various tax planning strategies that can be implemented before 5 April 2018 to reduce tax liabilities. It recommends reviewing business motoring strategies as company cars may not always be the most tax-efficient option. It also suggests maximizing the use of personal tax allowances across a family, extracting profits from a business in a tax-efficient manner such as through dividends, and contributing more to pension funds to benefit from tax relief. The document provides information on the annual ISA allowance and the new Lifetime ISA. It stresses the importance of ongoing tax planning throughout the year.
International Best Tax practices in India || An Article by CA. Sudha G. BhushanTAXPERT PROFESSIONALS
The document summarizes new tax provisions introduced in the Indian Budget of 2017 relating to international best practices. Key points include:
1) Thin capitalization rules were introduced to limit interest deductions for loans between related parties to 30% of EBITDA. This aims to prevent profit shifting through excessive interest payments.
2) Secondary adjustment rules were introduced to ensure consistency between transfer pricing adjustments and actual profits. If a primary transfer pricing adjustment is made, the excess cash must be received within a specified time or interest will apply.
3) Clarification was provided on determining a company's tax residence based on its place of effective management. This aims to prevent artificial shifting of control/management to avoid residential status in India
Grant Thornton Hungary Tax News - November 2014 en (2)Alex Baulf
Tax Service News from Grant Thornton Hungary:
Grant Thornton Hungary would like to call your attention to the most important tax law changes. Most of the changes will enter into force by 1 January 2015. We indicate separately, if legislation enters into force at a different date.
The information provided herein is of general nature and is based on facts subject to change. Such information may not be regarded and therefore in no way interpreted as accountancy, legal or taxation advice provided to the reader by Grant Thornton Hungary. These materials are not aimed at complying with particular scenarios and to be suitable for application in certain situations, therefore the consideration of certain taxation law and other factors not
discussed herein may be necessary. With regard to this – should you resolve upon any action whatsoever based on the information provided herein – it is recommended to establish contact with Grant Thornton Hungary or other taxation specialists. Amendments of the taxation laws and other factors may influence the contents communicated herein – in certain cases even with retroactive effect. Grant Thornton Hungary assumes no responsibility of informing the readers of these changes.
The Autumn Statement summarized the main changes to tax rates and allowances for individuals, companies, and trustees announced by the Chancellor. Key points included:
- The personal income tax allowance will increase to £10,600 and the higher rate threshold will rise to £42,385 from April 2015.
- The annual CGT exempt amount will rise to £11,100.
- Pension flexibility reforms will allow over-55s greater access to pension pots and beneficiaries of those who die under 75 will receive payments tax-free.
- Stamp duty land tax will be charged progressively on bands of property value up to £937,500.
Taxation policies affect the demand for healthcare insurance. In the UK, most health insurance policies are subject to Insurance Premium Tax of 5% of annual premiums. In Rwanda, VAT of 18% is charged on medical insurance premiums and broker commissions. Companies can deduct healthcare insurance premiums for employees as a business expense but employees must pay income tax on premiums as a taxable benefit. Health trusts were developed as an alternative to insurance to avoid Insurance Premium Tax, but come with administrative burdens. Stop-loss insurance protects against high-cost claims and is subject to Premium Tax. Self-insurance, cash policies, and spending from savings are also alternatives to traditional health insurance.
The document provides 13 tax strategies for saving money, as outlined by Mark Huber, CFP. Strategy #1 recommends lending money to a lower-income spouse at the prescribed interest rate of 1% so any investment gains will be taxed at the spouse's potentially lower tax rate. Strategy #2 suggests liquidating investments to pay down non-deductible debt and replacing them by borrowing to make the interest deductible. Strategy #3 recommends selling losing investments to offset capital gains.
The government will reintroduce measures that were dropped from the 2017 Finance Bill, including backdating some changes to April 2017. Key measures to be reintroduced are reductions to the money purchase annual allowance and pensions advice allowance, changes to non-domiciled tax rules, and recalculation of disproportionate bond gains. Additionally, the dividend allowance will be cut from £5,000 to £2,000 starting in 2018/19, mainly impacting small and medium business owners who take profits as dividends.
The document discusses several topics:
1) The new Lifetime ISA (LISA) being introduced in 2017 aims to help young people save for both a first home and retirement by allowing contributions of up to £4,000 per year with a 25% government bonus.
2) Under the LISA, savings and bonuses can be withdrawn tax-free from age 60 or to purchase a first home worth up to £450,000. Contributions can be made until age 50.
3) Brexit may impact financial markets in the short-term ahead of the June 23rd EU referendum, but constant changes based on short-term events is generally counterproductive for long-term investment. The impacts of either
The document summarizes key changes in India's personal and corporate tax codes for 2016. For individuals, the surcharge rate was increased, dividend income over 1 million rupees is now taxable, and tax rebates and deductions for house rent, home loans, and capital gains were increased. Corporate tax rates were reduced for small companies and new manufacturing companies. Presumptive taxation and tax incentives for employment were introduced for small businesses and professionals. A one-time income declaration scheme allows the disclosure of previously undisclosed income by paying tax at 45%. Transfer pricing documentation requirements were expanded.
The summary highlights key proposals from the 2016 Federal Budget related to taxation that may impact individuals, investors, and business owners. Some of the key proposals include replacing the Canada Child Tax Benefit and Universal Child Care Benefit with a new Canada Child Benefit, eliminating the income splitting credit, phasing out the children's fitness and arts tax credits, and enhancing Old Age Security and the Guaranteed Income Supplement. The budget also proposes changes to taxation of mutual fund corporations, small business deductions, and capital gains treatment of donations of private corporation shares or real estate.
Similar to Chancellor's Budget IPT Rate Rise to 10% (20)
Madhya Pradesh, the "Heart of India," boasts a rich tapestry of culture and heritage, from ancient dynasties to modern developments. Explore its land records, historical landmarks, and vibrant traditions. From agricultural expanses to urban growth, Madhya Pradesh offers a unique blend of the ancient and modern.
Budgeting as a Control Tool in Government Accounting in Nigeria
Being a Paper Presented at the Nigerian Maritime Administration and Safety Agency (NIMASA) Budget Office Staff at Sojourner Hotel, GRA, Ikeja Lagos on Saturday 8th June, 2024.
Dr. Alyce Su Cover Story - China's Investment Leadermsthrill
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
Navigating Your Financial Future: Comprehensive Planning with Mike Baumannmikebaumannfinancial
Learn how financial planner Mike Baumann helps individuals and families articulate their financial aspirations and develop tailored plans. This presentation delves into budgeting, investment strategies, retirement planning, tax optimization, and the importance of ongoing plan adjustments.
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
5 Compelling Reasons to Invest in Cryptocurrency NowDaniel
In recent years, cryptocurrencies have emerged as more than just a niche fascination; they have become a transformative force in global finance and technology. Initially propelled by the enigmatic Bitcoin, cryptocurrencies have evolved into a diverse ecosystem of digital assets with the potential to reshape how we perceive and interact with money.
Discovering Delhi - India's Cultural Capital.pptxcosmo-soil
Delhi, the heartbeat of India, offers a rich blend of history, culture, and modernity. From iconic landmarks like the Red Fort to bustling commercial hubs and vibrant culinary scenes, Delhi's real estate landscape is dynamic and diverse. Discover the essence of India's capital, where tradition meets innovation.
Governor Olli Rehn: Inflation down and recovery supported by interest rate cu...
Chancellor's Budget IPT Rate Rise to 10%
1. The standard rate will increase to 10%
from 9.5% on the 1 October 2016.
In his budget The Chancellor increased insurance
premium tax (IPT) from 9.5% to 10%. This is the second
IPT rise in under a year following the increase from 6%
to 9.5% in November 2015. The justification for the rise
is that it will be used to help fund flood defences.
The UK rate is still below the European average.
The new rate will apply to policies starting from 1
October 2016.
To prevent the use of artificial arrangements to avoid
the IPT increase HMRC has anti-avoidance rules in
place which you need to be aware of.
Speak to your usual Lockton contact to discuss the
implications for your business. We can help you:
• review your insurance programmes to ensure that
they remain efficient and appropriate for your
business; and
• comply with HMRC’s IPT anti-avoidance rules.
How the rate rise will work
Transitional arrangements will apply for this change
in the rate of tax. Almost all insurers use the special
accounting scheme where there is a “transitional
period” which this time starts on 1 October 2016 and
ends on 1 February 2017.
During this period, 9.5% tax will apply to taxable
premiums received under contracts in which the
insurance becomes operative before 1 October,
provided that the premiums is written in the insurers
books before 1 February 2017.
The new rate of tax will apply to all taxable
premiums received under contracts with an
inception date on or after 1 October 2016. All taxable
premiums, regardless of the inception date that
are written by insurers after 1 February 2017 will be
subject to the new 10% rate.
Additional premiums
If there is an additional premium added to an existing
policy, IPT will be due at the old rate of 9.5% provide
the policy starts before 1 October 2016 and it is
reported to the insurer by 1 February 2017.
This will only apply where the additional premium is
not considered a “new risk” that would normally be the
subject of a new policy. In such cases, IPT will be due
at the new rate regardless of whether the additional
premium is reported before 1 February 2017.
Anti-forestalling/anti-avoidance provisions
There are anti-avoidance measures in place to limit
the opportunities to avoid paying tax at the new
rates. These include pre-payments in circumstances
where it is not “normal practice” for the insurer to
create a tax point before the contract cover begins.
For example they prevent:
• New risks which would normally be the subject
of a new policy being added to existing contracts
and so benefiting from the old tax rate rather than
the new rate.
• Unless it is normal practice to write policies of more
than 12 months, they require that policies longer
than 12 months be apportioned so that the cover 12
months after the rate change is at the new rate.
Refunds of premiums
If any adjustment to a taxable insurance policy
results in a refund, a refund of IPT will also be due,
and the insurer should repay the overpaid tax at the
original rate charged to the customer and accounted
for to HMRC, not at the new rate of tax.
Premium paid on a monthly basis
If the premium is written by the insurer as a single
amount at inception of the contract then tax will
all be at the original rate even if the option of
payment by instalments is offered. Where the
monthly premiums are treated as separate
contracts then the new 10% rate will be due
on payments after 1 February 2017.
Budget IPT rate rise
announcement
Lockton Companies LLP.
Authorised and regulated by the Financial Conduct Authority. A Lloyd’s broker. www.lockton.com