Blick Rothenberg in the Press
Financial Times [online] (28/03/2014)
Rules on primary property relief set to tighten
The government has revealed details of a plan to overhaul capital gains tax (CGT) on property profits in a move that could affect UK residents who own more than one home.
In addition, in the 2014 Budget the annual tax on homes owned through offshore companies was extended from properties worth over £2m to those worth more than £500,000. Susan Spash comments "this will likely slow the wrapping of property into offshore vehicles in order to avoid CGT".
End of the 99p download? VAT shake-up could actually make Apple downloads cheaper
It was announced in last week's Budget that, from 2015, the Treasury will be able block a VAT loophole that allowed companies to charge the tax based on where the download originated, sometimes in countries where VAT is significantly lower than the UK's rate.
Partner Alan Pearce said that 'often the prices are standardised across the region so the VAT is almost averaged out, but effectively the change could lead to price changes. You can only speculate on whether companies would absorb the costs or increase margins or change their prices given these changes."
Investors Chronicle [online] (21/03/2014)
Budget 2014: TaxFax table
The Investors Chronicle published our co-branded TaxFax on their website, outlining all the key tax information needed including changes following the Budget.
Budget 2014: Key measures
In an article outlining the key announcements from the Budget, Partner Genevieve Moore was quoted commenting on the increase in R&D tax credits for loss-making businesses. In the Budget, this was given a boost from 11% to 14.5% for those without corporation tax liabilities.
Genevieve said: ‘The way the R&D tax relief works the arrangements means the government will now be subsidising one third of the cost of the R&D, compared to one-quarter before this Budget.’
The Independent, London Evening Standard (20/03/2014)
Budget 2014 - who are the winners and the losers?
Blick Rothenberg provided a set of tax tables outlining how taxpayers will fare following Budget 2014, which this article was based on.
Belfast Telegraph (20/03/2014)
Budget 2014: Good news for savers and pensioners if they're rich enough
Blick Rothenberg analyses the figures from the Budget and outlines which categories of people are the winners and the losers, following the announcement.
The Independent (20/03/2014)
Budget 2014: Six Britons on whether they'll be better or worse off
In an article featuring several case studies on how different types of people will be affected by Budget 2014, Blick Rothenberg gives an expert verdict on how each has fared.
i (The Independent) (20/03/2014)
So how will this Budget affect you?
Blick Rothenberg reveals the winners and the losers from Budget 2014, through analysis of the figures from the Budget Red Book.
The Independent (20/03/2014)
Who wins and who loses?
Blick Rothenberg calculate that the winners in the Budget, other than savers who will benefit from the pension and ISA changes, are married couples where both parents earn, with two children, earning £30,000 a year gross between them. However, this group of people will only be £33 better off.
The Independent (20/03/2014)
High street given £750m injection through rate relief
In an article highlighting the fact that the decision to extend the business rate relief in the Budget into next years means a £750m injection for the high street. Loss-making small companies will also benefit from the Budget, as the amount of R&D tax credits they can claim rises from 11% to 14.5%. Partner Genevieve Moore said that this would mean that small companies get 32.63p back for each £1 spent on R&D, an increase from the current 24.75p.
The Independent (20/03/2014)
CBI applauds boost to growth as tax break encourage investment
Blick Rothenberg comments on how a businesswoman in this case study will benefit following the Budget.
The Times (20/03/2014)
Budget 2014 Survival Guide
Partner Susan Spash gives her expert opinion on the Budget, following the rise in the threshold of the 40pc tax band. Susan recommends that couples where only one partner is a higher-rate taxpayer should minimise their joint tax bill by ensuring any income-bearing investments are held by the lower taxpaying partner.
Financial Times (20/03/2014)
Subsidised renewables schemes set to lose tax relief
In the Budget, it was announced that investment schemes benefitting from Renewables Obligation Certificates or Renewable Heat Incentives are set to lose their tax relief status. Nimesh Shah commented that "It was only a matter of time before the tax relief on solar investments was removed. These announcements are suggesting that the government wants to take venture capital schemes back to what they were intended for...encouraging private investment in the UK."
The Budget 2014: Annual Investment Allowance doubled to £500,000 and extended to 2015
Partner Frank Nash commented on the extension of the Annual Investment Allowance, saying that "the generous extension and enhancement of the investment allowance for businesses is necessary because so much projected growth is based on UK infrastructure projects."
Daily Mail (19/03/2014)
Bletchley Park codebreaker to be honoured with cutting-edge technology centre named after him
In the Budget, the Chancellor unveiled various R&D grants and a Government-backed 'Big Data' institute dedicated to Alan Turing. Alongside this, Osborne announced that loss-making small firms will see the amount of R&D tax credits they can claim rise from 11% to 14.5%. Partner Genevieve Moore said that this would mean that small companies get 32.63p back for each £1 spent on R&D, an increase from the current 24.75p.
City Wire (19/03/2014)
Budget briefing: what to expect from Osborne's red box
Nimesh Shah features on City Wire's panel of experts, providing Budget 2014 predictions. Nimesh comments that raising the top tax rate was ‘too political’ at the moment. ‘I think the Conservatives would like to reduce the rate from 45% to 40%, but the coalition would resist that, and they would be playing into Labour’s hands if they were to cut it. It would give Labour ammunition next year to say: “The Tories have used the top rate tax for the super-rich again”.’
Budget 2014: Tighter GAAR
Partner Frank Nash comments on the tightening of the GAAR as announced in the Budget 2014: "'HMRC is showing some commercial teeth in tackling tax avoidance but the government needs to invest in more staff, suitably qualified to deliver the £4bn that they have today promised. HMRC should introduce performance related pay."
Budget 2014 reaction: The Seed Enterprise Investment Scheme
Partner Caroline Le Jeune commented on the news that the Seed Enterprise Investment Scheme will be made permanent: "It is great news to hear that SEIS tax relief has been made permanent following its successful introduction in 2012/13, however, what aspects will be made permanent remains to be seen."
Financial Times [online] (19/03/2014)
Budget 2014: Upmarket property ripe for raiding
After the announcement of increased taxes on 'luxury' properties, Nimesh Shah comments: "A lot of the time, non-residents would use these companies to protect against inheritance tax. When Ated was brought in, it was mainly to stop people avoiding inheritance tax."
Budget 2014: AIA extended to 2015, further business reliefs
Following the announcement that the rate of R&D tax credit for loss-making small businesses will be raised, Genevieve Moore comments: "The way the R&D tax relief works for SMEs means the real cash impact will be an increase in the repayment due to the SME from 24.75p to 32.63p for every £1 spent on qualifying R&D.
The arrangements effectively mean the government will now be subsidising one third of the cost of the R&D, compared to one-quarter before this budget.
The increased relief is substantially better than it has ever been and will be a big boost to small and medium-sized companies who are investing in innovation but not yet making a profit from their efforts."
Chancellors Budget continues government SME support
Genevieve Moore comments on the announcement that tax credits for SMEs involved in R&D running at a loss will be increased: "The way the R&D tax relief works for SME’s means the real cash impact will be an increase in the repayment due to the SME from 24.75p to 32.63p for every £1 spent on qualifying R&D."
Channel 4 online (19/03/2014)
Mike Scoltock gives expert reaction to Budget 2014
Blick Rothenberg Partner Mike Scoltock appeared on Channel 4 online to give his expert reaction to the Budget 2014.
BBC News (19/03/2014)
Bob Rothenberg shares his thoughts on the Budget 2014
Blick Rothenberg Senior Partner Bob Rothenberg appeared on BBC News to share his thoughts regarding the Budget 2014 with reporter Matthew Amroliwala.
Seven deadly ISA sins that'll cost you dear
Susan Spash provides expert advice in an article outlining the common pitfalls which ISA savers should avoid.
The Telegraph (online and print) (06/03/2014)
Can I pass my properties to my children and cut my tax bill?
Frank Nash provides advice in the 'Ask the experts' section of the personal finance pages. Frank gives three options in order to reduce tax bills when leaving properties to children, including gifting, part-gifting and equity release.
The Times (01/03/2014)
Act quickly to claim your tax reliefs
In an article discussing various tax reliefs which are available, partner Genevieve Moore highlights the Junior ISA, saying "a parent or guardian can open the account if the child is under 16 and you can save a maximum £3,720 in stocks and shares or cash."