Category: Tax

There is a forthcoming legislation change which affects the taxation of capital gains on property; notably a change to the reporting and payment on account obligations for UK resident individuals with residential property gains. The changes will take effect for disposals on or after 6 April 2020, in line with announcements made at Budget 2017. … Continued

The annual investment allowance is set to temporarily increase from £200,000 to £1 million, allowing businesses to gain more tax relief on their investments. This will take effect from 1 January 2019 and remain in place until 31 December 2020, after which it is due to revert back to £200,000. Using the annual investment allowance, … Continued

Individuals set to benefit from an increase to the higher-rate threshold in 2019 will only see half of the tax reduction expected, as a result of a Budget measure not mentioned in the Chancellor’s speech. In Budget 2018, the Chancellor announced that the higher-rate income tax threshold would increase from £46,350 to £50,000 in 2019/20. … Continued

The Treasury is reportedly considering abolishing the dividend allowance in Autumn Budget 2018. The Daily Telegraph claims Chancellor Philip Hammond has business owners, directors and shareholders in his sights to help fund a Government pledge to increase spending on the NHS. Hammond cut the dividend allowance from £5,000 to £2,000 in Spring Statement 2017, with … Continued

Philip Hammond’s decision to abolish stamp duty land tax (SDLT) for most first-time buyers on all properties worth up to £300,000 saved homeowners £284 million in the first half of 2018. The chancellor scrapped SDLT in Autumn Budget 2017 for most people taking their first steps on the property ladder in England, Northern Ireland and … Continued

The Treasury fetched a record high of £5.2 billion in inheritance tax receipts last year, according to statistics published by HMRC. Inheritance tax receipts increased 8% year-on-year in 2017/18 to continue a long-term trend, which began when the nil-rate band was frozen at £325,000 with effect from 6 April 2009. Since then, inheritance tax receipts … Continued

The government is considering introducing tax incentives for landlords who offer longer tenancies, as part of a new consultation. The Ministry of Housing, Communities and Local Government has launched a consultation on implementing a three-year tenancy model. This is intended to support the increasing number of private tenants seeking long-term security, as more families and … Continued