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Second sitting
KEY POINTS
- Relaxation of rules on the seed enterprise investment schemes.
- Changes to the social investment tax relief should increase the amounts available to newer enterprises.
- Simplified treatment of capital expenditure under the cash basis for trades professions and vocations.
- Trading and property income of up to £1 000 can be exempted with partial relief above that amount.
- Tax treatment of some corporate carried-forward losses is reformed.
The second sitting of the Public Bill Committee’s review of the September Finance Bill started with a look at clause 10 ‘Personal portfolio bonds’. Simon’s Taxes explains that a personal portfolio bond is a life insurance policy a contract for a life annuity or a capital redemption policy under whose terms:
- some or all of the benefits are determined by...
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