ARTICLE · 20 OCTOBER 2011

Weekly Tax Update - Monday 17 October 2011

Smith & Williamson

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Regulations have been laid to bring forward the expiry date of Child Trust Fund vouchers from 12 months to 60 days (for vouchers issued on or after 1 January 2012) and increase the annual subscription limit from £1,200 to £3,600 with effect from 1 November 2011.

United KingdomTax

Richard Mannion

1. Private Clients

1.1. Child Trust Fund Changes

Regulations have been laid to bring forward the expiry date of Child Trust Fund vouchers from 12 months to 60 days (for vouchers issued on or after 1 January 2012) and increase the annual subscription limit from £1,200 to £3,600 with effect from 1 November 2011.

The £3,600 corresponds with the annual subscription limit for Junior ISAs available from 1 November 2011 for those who do not have a Child Trust Fund.

www.legislation.gov.uk/uksi/2011/2447/contents/made

2. Business tax

2.1. Entitlement to corporation tax loss relief on a change of ownership

This case concerned the taking over of a UK business by a Swiss company (Mindpearl AG) and entitlement to use brought forward losses of the trade taken over. The case was argued that EU treaty article 43 (restrictions on the freedom of establishment of nationals in another member state, now article 49 of the 2010 consolidated treaty on the functioning of the

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