More recent posts
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End of Capital Gains Tax amnesty for second home owners
Last week saw the end HMRCs amnesty launched in March 2013 targeting owners of second homes where Capital Gains Tax should have been paid. HMRC said that by…
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Partnership Tax Changes
The Chancellor announced in Budget 2013 that the government would consult on certain changes to aspects of partnership tax rules. HMRC has now published a consultation document focused…
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Raising Investment – Tax Efficiently
It remains difficult in current economic conditions for many SMEs and start-ups to raise money from traditional sources. Many are therefore seeking alternative methods of raising capital, including…
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Pensions tax relief – Individual Protection from the Lifetime Allowance charge
The Government announced on 5 December 2012 that in order to support its objective of a system of pensions tax relief that is “fair, affordable and sustainable”, from…
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Offshore trusts face HMRC scrutiny
Offshore trusts are coming under increased HMRC scrutiny. This increased activity follows recent announcements that overseas territories including Jersey, Guernsey and the Isle of Man have agreed to…
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End of year tax planning opportunities
7 March 2013 The current tax year ends on 5 April 2013. In advance of this, individuals and businesses may wish to consider potential tax planning opportunities for…
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Congratulations to New Star Games
Magma is delighted that its client New Star Games picked up a BAFTA in the BAFTA Games Awards 2013 held at the London Hilton Hotel last night. It…
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HMRC targets second home sales
HM Revenue & Customs (“HMRC”) have launched a new property sales campaign. HMRC is targeting anyone who has sold residential property (other than their main home) in the…
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HMRC to issue 850,000 Penalty Notices
4 March 2013 HM Revenue & Customs are set to send out 850,000 letters to taxpayers informing them that they are liable for a £100 fine for…