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Spinout companies
Universities frequently use spinout companies to develop their intellectual property. In his 2004 Pre-Budget Report the Chancellor announced a measure to ensure that researchers are not faced with an income tax and National Insurance charge arising on an increase in the value of their shares in the company due to the transfer of intellectual property. See also Peter Vaines comment in Taxation
9 December 2004 page 253 to 254.
The Inland Revenue has recently published on its website the draft legislation and explanatory notes that will deliver these changes and in the light of responses received to the technical note.
(Inland Revenue news release dated 11 February 2005.)
Pensions simplification
With effect from 6 April 2006 there will be a single set of tax rules for all registered pension schemes. FA 2004 contains the relevant legislation. The Revenue has recently published a...
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