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MiFID

The Markets in Financial Instruments Directive – comes into effect on 1 November 2007, when it will replace the existing Investment Services Directive (ISD). The MiFID aim is simple: to allow financial services institutions in the EU to provide their services across European borders and establish European branches. Its execution is far more complicated however, involving significant detailed requirements that will affect:
  • Organisation and conduct of business of investment firms
  • Operation of regulated markets
  • New pre- and post-trade transparency requirements for equity markets
  • Creation of a new regime for ‘systematic internalisers’ of retail order flow in liquid equities
  • More extensive transaction reporting requirements
Most firms that fall within the scope of MiFID will also have to comply with the new Capital Requirements Directive (CRD) which will set requirements for the regulatory capital a firm must hold. Those firms newly covered by MiFID will be subject to directive-based capital requirements for the first time.

Budget News

The new CIS becomes effective from April 2007. There will be an increase in the standard deduction rate applied to subcontractors from 18% to 20%. A rate of 30% is also introduced  which will allow unregistered subcontractors to start work.

Van benefit charge increases to £3000 from 6th April 2007.Please contact this office to find out the conditions under which no tax would be payable.

Small companies rate increases from 19% to 20% to April 2008 and a further 1% a year in the next two financial years. Please e-mail info@hpbs.co.uk with any comments.

Attention Retiring Business Owners ! If you wish to sell and avoid the increased Capital Gains Tax charges effective from April 2008 get your skates on !

Artic Systems ruling

The case revolved around whether the wife's share of the profits of their company, Arctic Systems Ltd, paid to her in the form of a dividend should be taxed as part of her husband's income.

National Insurance was not payable on the dividend income and was taxed at a lower rate than it would have been if added to her husband's income. It was argued by the Revenue the scheme operated by the couple was not permitted. The Revenue was concerned that husband deliberately paid himself a low salary to pass a larger share of company profits to his wife. This meant the wife was effectively sharing income with the husband and he should therefore be assessed for tax on the whole of his wife's dividend.

The revenue were defeated , however the Treasury have been quoted as saying "income splitting undermines the principle of independent taxation - that each person should be taxed on their own income. The Government will therefore bring forward legislation to put beyond doubt its intention that the principle of independent taxation is preserved."

Watch this space.

Company Law changes effective December 2006

  • Companies are required to disclose name, number and other specified particulars on company websites and order forms.

Company Law changes effective by October 2008

  • Private companies no longer need to have a company secretary, if they do however the secretary will have the same authority as currently.
  • Auditors can by agreement with the company limit their liability in respect of the audit

Pension Changes

From 6th April 2010 the minimum age at which you can take benefits from your pension plan is being raised to 55. You may still be able to take benefits before the minimum age if you stop doing your job because of illness or injury or if you have an occupation which is known as a special occupation, such as a professional sports person that is not affected by the change.

Sarbanes-Oxley

From 22 March 2007 the SEC will allow deregistration if a company can show that average daily US trading volume in its shares has been no greater than 5 per cent of its global trading volume over the previous 12 months.

Useful links

www.icaew.com

Mobile Phone accessories & insurance

http://hpbs.2u.co.uk

 

 

 

 

 

Disclaimer: The information does not represent all the changes/ actions/ requirements of the topics described above and is based on information available in February 2007.

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