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…
Following consideration of the taxation of non-UK domiciled individuals, the Government has proposed various amendments to the current position. The intention is to provide a balance between ensuring that the UK is an attractive jurisdiction for non-UK based individuals to…
Restriction of finance costs Where an individual rents out residential property, in computing rental profits, the amount incurred on finance costs that can be deducted will be limited from 6 April 2017. ‘Finance costs’ essentially refers to mortgage interest and…
Taxation of dividends From 6 April 2016, the taxation of dividends is as follows: - there is no ‘notional tax credit’, i.e. the confusing method of grossing up the received dividend by 100/90, then providing a notional tax credit of…
The way dividends are taxed is changing as of 6 April 2016. There was a worry that dividends from owner managed businesses would be treated as salary but thank goodness this didn’t happen! The way they are taxed for…
The first Budget of a new Parliament is often the most harsh: the Government know that they will be in power for the next few years and don’t need to worry about pleasing the electorate, who tend to have…
When doing your self-assessment tax return for 2015/16, are you entitled to an extra tax saving from the new Marriage Allowance? If we are doing your tax return, don’t be offended if we ask about your husband or wife’s…
The Finance Act 2013 brought in some significant changes to tax law in the case of determining an individual’s residence. The new rules, which apply from 6 April 2013, scrap the old ‘Ordinarily Residence’ status and introduce a rigorous residence…
The 2013 tax year has seen changes made to the Child Benefit system which means that more people will have to do self-assessment tax returns or be liable to a penalty! So what are the new rules and how do…