Category: Tax

A report into the loan charge may not be published until after the deadline for settling claims with HMRC has passed. Up to 50,000 people whose employers had paid them through loans from offshore trusts dating back to 1999 were warned they could face huge tax bills. They were issued with a 5 April 2019 … Continued

Extending off-payroll rules to the private sector in April 2020 should be delayed by a year, a tax group has said. Chancellor Sajid Javid intended to deliver his first Budget speech on Wednesday 6 November, only for it to be scrapped after a second Brexit extension was granted. In light of that and the subsequent … Continued

Plans to increase probate fees that were due to take effect earlier this year have been abandoned. Families currently pay a flat fee of up to £215 to obtain the grant of probate needed in England and Wales to administer estates worth more than £5,000. That system was due to be replaced on 1 April … Continued

The Treasury has announced it will review the tapered annual allowance for pensions, following calls to abolish it. The amount of pension contributions that can be made tax-free in 2019/20 stands at £40,000 in most cases, but this is restricted for higher earners by the tapered annual allowance. The taper applies to people with a … Continued

The Government is being urged to stop its crackdown on the buy-to-let market, following evidence showing the negative effects of a string of tax changes. The Intermediary Mortgage Lenders’ Association (IMLA) said recent changes are forcing some landlords out of the private rented sector. It found that landlords with one buy-to-let property made up just … Continued

Fewer people should have to pay tax on gifts made to loved ones in the years before their death, according to the Office for Tax Simplification (OTS). Under the current rules, inheritance tax of up to 40% is paid when someone dies within seven years of making a gift. The OTS called on the Treasury … Continued

These are the suggested reimbursement rates for employees’ private mileage using their company car from 1 June 2019. Where there has been a change the previous rate is shown in brackets.   Engine Size Petrol Diesel LPG 1400cc or less 12p (11p)   8p (7p) 1600cc or less   10p   1401cc to 2000cc 15p … Continued

Businesses that flout their workplace pension duties face being subjected to random spot-checks by the Pensions Regulator. Employers that provide details to HMRC are having that data cross-referenced by the watchdog in an attempt to identify non-compliance with auto-enrolment. The checks are designed to identify businesses that are failing to enrol eligible staff into a … Continued

Most people making gifts of money or assets are unaware of inheritance tax rules that might apply to them. HMRC polled 2,090 people and found that only 25% of those who recently made a gift had a working knowledge of the rules. Less than half (45%) were aware of the rules or exemptions surrounding inheritance … Continued

The Government is facing calls to announce a stamp duty holiday for homeowners who seek to downsize. Saga polled 2,000 people over the age of 50 and found that 73% would support a tax break to help them move into a smaller property. Almost three-quarters (70%) said their motivation for downsizing was because their current … Continued