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Following Budget 2018, the LITRG technical team examined the announcements in relation to tax and benefits, to work out how they might affect those on low to modest incomes.

New restrictions on the amount of brought forward corporation tax losses which can be offset in any one year took effect from 1 April 2017.

From April 2019, the UK government will reduce each of the three rates of income tax – basic, higher and additional rate – paid by Welsh taxpayers by 10p.

Personal Tax Account (PTA)

A previous article in June 2018’s Technical Newsdesk mentioned the issues arising with hypothetical codes – those cod

New restrictions on the amount of brought forward corporation tax losses which can be offset in any one year took effect from 1 April 2017.

The ATT’s response to this clause focused on the impact of the proposed 30-day payment window for UK residents disposing of residential property after 6 April 2020.

The ATT submitted comments on the changes proposed by draft FB 2018-19 to rent-a-room relief.

Implementation date

As the government recognises, implementing the very significant changes proposed for CGT by April 2019 will be challenging for taxpayers and for HMRC.

Policy approach

The purpose of this new measure is to ensure that Entrepreneurs’ Relief (ER) does not act as a barrier to growth for firms seeking additional external investment where the

Land and Buildings Transaction Tax (LBTT) replaced UK Stamp Duty Land Tax (SDLT) from 1 April 2015 in respect of transactions in land situated in Scotland and is legislated for by the Land and Buil