Category: Tax

The point at which tapering of the annual pension allowance kicks in will increase by £90,000 for both threshold income and adjusted income in 2020/21. The move, which was announced in last month’s Spring Budget, means the taper will not affect anyone with income of less than £200,000. It brings to an end a long-running … Continued

Finance Act 2019 (s. 30) introduced a new Structural Buildings Allowance. Although this legislation has now been around for nearly 16 months (it was available from 29 October 2018), it remains an unfamiliar area. The Capital Allowances Act 2001 did not give any provision for relief to be claimed on the vast majority of structures … Continued

The rental profits of UK property businesses generated by non-UK resident companies currently fall within the UK Income tax (IT) regime, with profits charged at a rate of 20%. However, from 6 April 2020, such profits will fall within the UK Corporation Tax (CT) regime, which is currently charged at a rate of 19%. Generally, … Continued

Under the current self-assessment system, reporting property disposals and paying any resulting capital gains tax (CGT) is not due until the deadline for submitting a self-assessment form. For UK-residents and some non-residents, this can be up to 22 months after the disposal took place, whereas for most non-residents reporting, and settling any CGT due on, … Continued

Property owners disposing of a dwelling, which at some point of ownership was used as their only or main residence, are currently entitled to claim principal private residence relief (PPR) for the period of ownership as well as the final 18 months regardless of the use of the property. Several changes to PPR relief were … Continued

The Treasury is to raise the National Insurance threshold for 2020/21, saving the average employee around £104. According to legislation approved in Parliament back on 30 January 2020, the £8,632 threshold at which employees start paying class 1 national insurance contributions (NICs) will increase by more than 10% to £9,500. The same £9,500 threshold will … Continued

The Scottish Government has decided to freeze all income tax rates, plus the higher and top-rate thresholds, for 2020/21. Assuming the personal allowance remains at £12,500, only the basic and intermediate thresholds in Scotland are set to rise in line with inflation. A starter-rate of 19% will apply on earnings between £12,501 and £14,585, while … Continued

An eagerly anticipated report into the controversial loan charge has provided respite for thousands of people. The Government revealed a string of concessions to lessen the severity of the policy, which seriously distressed those affected. Up to 50,000 people were paid through so-called disguised remuneration schemes dating back to 1999. Prior to the publication of … Continued

The December General Election meant that the Autumn Budget was delayed and we now know that Sajid Javed will deliver his first Budget on the second Wednesday in March which is when Budget day used to be! We are expecting that the tax measures in the Conservative Party manifesto will be announced again together with … Continued

The new government intends to announce the 2020/21 tax rates, bands and allowances in a full Budget next month. Prime Minister Boris Johnson secured a handsome majority on 12 December 2019, and swiftly returned Sajid Javid to the position of Chancellor. Javid was poised to deliver his first Budget speech in November 2019, only for … Continued