Miscellaneous issues
Charity tax reliefs
The definition of a charity for Gift Aid will be altered to include registered charities located in EU member states from 6 April 2010, and will include charities in Iceland and Norway from a later date. This will allow donors with UK income to receive tax relief for donations to such charities. The rules concerning all charitable tax reliefs and exemptions will be revised to ensure they are effective for UK and non-UK organisations.
DON'T FORGET
Review your will. The IHT nil rate band was frozen at £325,000 this year, even though share prices have risen strongly and property prices are now nearly 10% up over the last twelve months. You may need to revise your will to allow for these changes in value.
Trusts for asbestos victims
Where a company has set up a trust before 24 March 2010 to pay compensation to asbestos victims, the trustees will be exempt from income tax, capital gains tax and inheritance tax. This tax relief applies from 6 April 2006.
Landfill tax
The standard rate of landfill tax applied to active waste will be increased from £48 per tonne to £56 per tonne from 1 April 2011. The lower rate remains at £2.50 per tonne, although the categories of material that qualify for the lower rate will be reviewed and any changes will apply from 1 October 2010.
The maximum tax credit that payers of landfill tax can claim for contributions made to environmental bodies will be reduced from 6% to 5.5% from 1 April 2010.
Aggregates lev
The standard rate of aggregates levy will rise from £2 per tonne to £2.10 per tonne from 1 April 2011. The 80% tax credit payable to aggregates producers in Northern Ireland will continue until 31 March 2021.
Landline duty
Landline duty of 50p per telephone landline per month will apply to local loop networks from 1 October 2010.
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