Ooohs and aaahs

Key points * Rollover reliefs for intangibles EIS and incorporation. * Loss of decontamination relief. * Tax efficient gifts to charity. * Business asset taper relief tips. * Company purchase of own shares. * Tax reliefs for gifts of business assets.

WITH THE UK tax system now the most complex in the world it is not surprising that there are a number of potential traps for the unwary or opportunities that may be missed. This article sets out some of those traps and opportunities which have recently been encountered by callers to Chiltern's Taxline.

1. Reinvestment and intangibles

New rules relating to reinvestment relief for intangibles were introduced in FA 2002. For most the rules appear fairly straightforward; intangible assets owned before the commencement date 1 April 2002 remain within the old capital gains tax (CGT) regime and intangibles acquired or created after...