NEW British tax rules that seem to risk alienating Olympic superstars such as Usain Bolt, Lionel Messi, Roger Federer and Michael Phelps in the run-up to the London 2012 Games have actually been put in place to stop global sports brands cheating the Treasury, sources at HMRC have told Inside Sport. When any country bids to host the Games, the IOC demand that every visiting athlete must be exempt from income tax relating to the event. The British Government gave this pledge and the Finance Act 2006 exempts foreign Games participants from paying British income tax on Games-related work in Britain between March 30 and November 8 next year.
NEW British tax rules that seem to risk alienating Olympic superstars such as Usain Bolt, Lionel Messi, Roger Federer and Michael Phelps in the run-up to the London 2012 Games have actually been put in place to stop global sports brands cheating the Treasury, sources at HMRC have told Inside Sport. When any country bids to host the Games, the IOC demand that every visiting athlete must be exempt from income tax relating to the event. The British Government gave this pledge and the Finance Act 2006 exempts foreign Games participants from paying British income tax on Games-related work in Britain between March 30 and November 8 next year.
REAL Estate Investment Trusts (REITs) came into being in the UK as part of the Finance Act 2006, but there are still only 24 of them in existence. At nearly five years old, their future may now look brighter.
...) Act 2010(1) and section 173(7) of the Finance Act 2006(2) and approved by a resolution of that H...
The Finance Act of 2006 was heralded as having the potential to have the largest effect on the asset finance industry for a number of years. Why?
THE most common reason for a business owner to pass assets into Trust is quite simply that a Trust allows the owner to continue to control the business and to benefit other family members, without having to decide immediately whether the business is to be sold or handed down. With an immediate Inheritance Tax (JHT) charge of 20% on the value above pounds 285,000 entering the Trust, it is now much less tax-effective to pass substantial investment assets into Trust, but there is no immediate IHT charge on most business or agricultural assets passing into Trust.
The radical changes to the Inheritance Tax treatment of trusts, which were first announced in the March Budget statement, have now passed relatively unchanged into the Finance Act 2006. Whatever the reason or logic behind them, they are symptomatic of a gradual erosion of a once relatively liberal Inheritance Tax regime. Successful business people and high net worth individuals should consider some or all of the following nine ways to mitigate their potential liability.
With less than two months to go before new laws come into force, companies in the region are being urged to ensure they are ready for changes to the way they do business. From October a series of new provisions under the Companies Act 2006 will take effect including a statutory code of conduct for directors and guidance on modern, responsible business behaviour.
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