What do the changing tax rates and allowances announced in the November 2022 Budget mean for profit extraction from your company?
Profit Extraction
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Corporation Tax
Corporation Tax
Residential Property Developer Tax Draft Legislation
Government releases draft legislation on Residential Property Developer Tax for technical consultation. Clarifies definitions of residential property and associated activities.
Residential Property Developers Tax (RPDT)
The government’s consultation on a potential new tax, Residential Property Developers Tax (RPDT) closed last month. RPDT if enacted, will tax profits made from residential property developments from April 2022.
Plans to extend Making Tax Digital
On 21 July the government published its 10 year strategy for the tax system. This included its plans to extend the Making Tax Digital initiative.
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