I'm coming up to MVL with myco's last trading day being 31st Jan. If the chancellor decides to scrap ER in the March budget, at what stage in the MVL process does the ER tax guillotine fall and is it likely I'll make the cut off?
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...my quagmire of greed....my cesspit of laziness and unfairness....all I am doing is sticking two fingers up at nurses, doctors and other hard working employed professionals...
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You'll need the distribution to be made before any budget changes become effective. This is the key date that will matter if the budget changes anything.Originally posted by Lockhouse View Post -
I really don't get why we are getting posts about post Budget changes on something that was already modified last year.
The new limit of £1m won't be changing because it meets a niche for retirement for those who invested in their business rather than their pension and ties in neatly with the pension limit.
But of course it's a nice scare story for accountants wishing to sell their services...merely at clientco for the entertainmentComment
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Eek, you may be right, but it’s difficult to see it remaining with a complete overhaul of CGT rates, which is something being mooted.
OP: ER is something you claim on your personal tax return, so you should be good if the distributions are received in the current tax year through April 5 (I suppose it’s possible they could introduce on budget day).Comment
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Because there are rumours that CGT allowances will be changed.Originally posted by eek View Post...my quagmire of greed....my cesspit of laziness and unfairness....all I am doing is sticking two fingers up at nurses, doctors and other hard working employed professionals...
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