The latest tax news hitting the headlines

Tax is an ever changing, highly complex area of law, and one that affects every single one of us. Changes in legislation have huge implications for the economy and the way in which we all live our lives. Here we report on the latest tax stories hitting the headlines.

News round up… April

Holiday home owners lose tax reliefs
Major changes in the tax system will see thousands of holiday home owners lose tax relief on interest and expenses benefits. In reforms that come into force this week, owners of holiday homes will no longer be able to offset costs of repairs, furniture and fittings against capital gains tax. The new rules apply to properties in the UK and anywhere in Europe defined as the European Economic Area. It is estimated that 65,000 UK families currently benefit from the furnished holiday lettings (FHL) scheme, which costs the Treasury millions.

‘High Street lawyers’ revolutionising legal services
Despite being less than a year old, Quality Solicitors has announced plans to launch 100 new branches. The high street legal services ‘brand’ is being credited - and criticised - for revolutionising the field, which is set to dramatically change in six months. From 6th October non-law businesses - known as alternative business structures or ABSs - will be permitted to offer legal services under the Legal Services Act. Retail giants including the Co-op and Halifax will be among the first to take advantage of the change in the law. Crispin Passmore, strategy director at the Legal Services Board, said the new rules were about removing ‘anti-competitive restrictions… The objective is to allow lawyers to respond to consumer demand in more competitive and imaginative ways.’

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