'WELCOME'
It
is all change in the world of taxation
once again – the law does not seem
to stand still for 5 minutes. Major changes
have been announced and in some instances
unannounced, effective from 6th April
2008. |
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We have detailed articles elsewhere in this
edition. Highlights are firstly the introduction
of a flat rate of capital gains tax at 18% and
the introduction of Entrepreneurs relief that
provides a Lifetime allowance of £1 million
of gains chargeable at a lower rate of 10%.
This is targeted at the disposals of business
interests in which the seller has worked and
has a material interest. There is no comfort
for landlords of commercial properties with
trading tenants who now face a tax rise from
10% to 18% when they sell although there is
no longer any minimum holding period. There
will be undoubtedly be a desire to create capital
gains going forward as opposed to much more
highly taxed income. We have some investment
products available through our Wealth Management
Division that do just that.
Secondly, there are some huge changes for non-domiciled
individuals. If they want to avail themselves
of the remittance basis of taxation then it
will cost them £30,000 to do so. A decision
can be taken on each tax year separately whether
to pay this fee. If they choose not to they
must declare their world-wide income and capital
gains. The new rules have created a level-playing
field with regard to UK situated assets the
gains from which are now taxable on nondomiciles
even if the assets are held via non-resident
companies or offshore trusts.
Colin Burns
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Pat retires after 58 years service
At the end of the last calendar year Patricia
Norris left Gerald Edelman after 58 years service
with the firm. Not only is this a record length
of service by any person at the firm, partners
included, I doubt such a record has been surpassed
at many businesses in the world! On the 4th
December 2007 we held a party for Pat which
the whole firm attended together with many former
staff and partners of the firm.
I took some photos on the night and above is
a picture of senior partner Michael Harris with
Pat Norris after Michael had made a terrific
speech detailing Pat’s huge contribution
to the firm over all these years. All of our
clients with corporate interests will have
experienced the tremendous service that Pat
gave through our Company Secretarial department
over the years and I am sure will share with
the firm in extending our very best wishes to
Pat for a long, happy and healthy future.
Good luck too to Linda Simons who steps into
Pat’s shoes – a hard act to follow
indeed.
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