Clive Owen Tax E-News - October 2019

Welcome to our tax news delivering tax updates for businesses, entrepreneurs and private clients.

Our tax team are constantly advising individuals and companies on a variety of tax matters including inheritance tax planning, company re-organisations and disposals as well as minimising tax across the family. Given the possibility of an election and a new Government, tax changes could be on the horizon, so it could be beneficial to act now.

The extension of the “off-payroll” working rules to the private sector is planned for April 2020 but in the meantime, tax tribunal decisions are still being decided against HMRC.

The Chancellor, Sajid Javid, has commissioned a review of the Loan Charge, to consider whether the policy is an appropriate way of dealing with disguised remuneration loan schemes, used by individuals, who entered directly into these schemes to avoid paying tax.

The rules for taxing dividends changed radically, from 6 April 2016, with the removal of the 10% notional tax credit and the introduction of new rates of tax on dividends. For many taxpayers, that means more tax to pay on dividends on 31 January (and 31 July) each year.