Revenue issues crackdown on post-cessation trade relief
Post-cessation trade relief allows individuals to claim a deduction in their income tax calculations for certain costs and bad debts after a trade, profession or vocation has ceased.
HMRC has highlighted an avoidance scheme which involves individuals artificially exploiting the relief in order to claim a tax deduction.
David Gauke, Exchequer Secretary to the Treasury, announced that the new legislation would prevent the relief from being available where a main purpose of the arrangements is to obtain a reduction in tax.
The legislation supporting the change will be included in the 2012 Finance Bill.
PM+M News
Following on from the success of our extensive Autumn/Winter seminar programme, we are please to announce our Spring/Summer 2012 programme. Our free seminars and networking events cater for a large variety of businesses, specialist sectors and individuals in the local area.
PM+M has been shortlisted in the Lancashire Business View Red Rose Awards 2012.
