From 6 April 2017 the new deemed domicile rules will take effect and will now apply to ALL personal taxes: income tax, capital gains tax and inheritance tax. Not only has the scope of the application widened, the definition has been…
Wednesday 8th March saw the first Budget by Philip Hammond. So was it a damp squib? Something to cause sleepless nights? Or did we get off lightly? We have set out the main important tax announcements here, going through what…
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…