For UK resident individuals that have fully utilised their lifetime allowance or don't have sufficient annual allowances to add to a UK pension, consideration should be given to the QNUPS: the Qualifying Non-UK Pension Scheme. QNUPS are a creation of…
Last year seemed to be a particularly bad one for the entertainment industry and public alike as we lost so many talented entertainers including Sir Terry Wogan, David Bowie, Caroline Aherne, Alan Rickman, Victoria Wood and Ronnie Corbett amongst notable…
Q: I understand that savings income arising to children from cash provided by their parents will be taxed on the parents. Do the same rules apply to other income-producing assets? A: Very probably. The basic rule is that income arising under…
On Wednesday, Philip Hammond, Chancellor of the Exchequer, delivered his first and last Autumn Statement. It makes sense to move the Budget to Autumn to ensure that any legislation is in place before the start of the tax year so…
The rules about the way rental properties are to be taxed has had an overhaul and it may turn a credible investment into a taxation nightmare. The Government has clearly stated that its policy is to increase the availability of…
As of 6 April 2016, employers can provide an employee or a member of his/her household with a benefit in kind, with no tax consequences, provided all of the certain conditions are met, deeming the benefit ‘trivial’. Conditions A…
The new 3% additional rate of SDLT applies from 1 April 2016 and was expected to apply to second homes and buy to let investments by individuals. It was however, announced in Finance Act 2016, that the extra charge will…
Q: What is the Personal Savings Allowance and how can you claim it? A: From 6 April 2016 a basic rate taxpayer will be able to earn up to £1,000 in savings income tax free. Higher rate taxpayers will be…
There are many ways in which you can start your Inheritance Tax (IHT) planning now by making gifts that don't have any IHT implications. Gifts of any assets including cash, to any person, trust or company, will not be fully out of…
The ‘£1 million’ nil rate band is worth up to £140,000: Does your will adequately utilise this? The main residence nil rate band is potentially highly advantageous. However, many wills are drafted in a manner that will prevent the new…