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Changes to tax credit overpayment recovery rules

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The Low Income Tax Reform Group (LITRG) was established in 1998 to improve the policy and processes of the tax, tax credits and associated welfare systems for the benefit of those on low incomes. A new press release from the LITRG has highlighted the fact that tax credit claimants earning over £20,000 may see sharp cuts in their payments as…

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Help to Buy sales update

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The latest statistics on the uptake of the government’s flagship Help to Buy schemes were published on 9 December 2015. The figures show that over 130,000 homes have been bought since the schemes were first launched in October 2013. This is an increase of over 10,000 homes over the previous quarter. Some of the headline figures include: 80% of scheme…

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Patent Box benefits trimmed

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The Patent Box allows companies to apply a lower 10% Corporation Tax rate on profits arising from patent exploitation. Since April 2013, companies can apply the lower Corporation Tax rate (on a phased basis) to profits attributable to patents and other qualifying intellectual property such as medicinal or botanic innovation rights. Companies can use the Patent Box if they own…

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Cosmetics fraudster jailed

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A Malaysia national who had lived in London has been jailed for 32 months. Chyi Chiann Cheah also known as Susan Chyi was found guilty of VAT fraud following an investigation by HMRC. The woman was involved in the sale of beauty products but used a number of aliases to run cosmetics businesses which were supposedly importing and exporting beauty…

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