Category: Tax

Tempting though it may be to hide our heads under the collective blankets, there’s no escaping the need to start pondering the impact of Brexit. It seems all but inevitable that this will now go ahead. And no-one knows how this is going to pan out, other than the transition is going to be painful. … Continued

1. Who do you want to inherit your assets? Without a Will, rules of intestacy dictate who gets your estate and this may not be the people you would want or possibly not in the proportions you would like. A surviving spouse may not receive the whole of the estate and will instead, have to … Continued

The changes in the taxation of dividends along with the abolition of tax deduction at source on interest paid is likely to cause additional compliance work for trustees. Neither the new dividend tax allowance nor the personal savings allowance will apply to trustees. Trustees of income interest in possession trusts have previously not had any … Continued

In a bid to help people locate their lost pension pots, the Pension Tracing Service has launched a new website. There is currently around £400 million in unclaimed pension savings, according to the Department for Work and Pensions. People can enter their former employers’ details into an online database and receive contact details for pension … Continued

House price growth was 9.2% in April 2016 compared to 10.1% the previous month, according to Halifax. The slowdown in growth follows a surge in buy-to-let activity before the introduction of new stamp duty land tax (SDLT) rates on 1 April 2016. 50% of properties sold in the last 2 weeks of March went to … Continued

Adults under 40 can save up to £4,000 annually while receiving a 25% government bonus each year using a lifetime ISA from April 2017. Money put into the account can be saved until the age of 60 and can be used as retirement income or withdrawn to purchase your first property. Elsewhere, annual ISA allowance … Continued

Changes to capital gains tax (CGT) and entrepreneurs’ relief claims have been introduced in the Finance Bill 2016. CGT rates for 2016/17 have been reduced from 18% to 10% for basic rate taxpayers, while for higher rate taxpayers the rate on gains over the unused part of their basic rate tax band will be charged … Continued

In July 2015, a new inheritance tax allowance was introduced which applies to family homes. The Residence Nil Rate Band means that in future you may be able to pass on £1 million to your children or grandchildren tax free. This allowance will be phased in from 2017/18 and will be in addition to the … Continued

In July 2015 a further reduction was announced in the lifetime allowance. This is the total amount you can hold in pensions savings without incurring an additional tax charge. The allowance was reduced from £1.25 million to £1 million on 6 April 2016, although it will increase with inflation (CPI) from 6 April 2018 onwards. … Continued

The new pension freedoms provide increased flexibility and more scope to structure your income to suit your actual needs and tax position. Considering your various pensions, investments and annual tax allowances together allows your retirement income to be as tax efficient as possible. Some useful ideas are detailed below: Personal Allowance Everyone has a personal … Continued