The high marginal tax rates created by phasing out the personal allowance are back in the news. ‘A million to pay 60% income tax within years,’ ran a recent headline in The Sunday Telegraph. The…
Defining ‘period of ownership’ on residence disposals for CGT purposes
The disposal of a private residence is exempt from capital gains tax (CGT) if used as a main residence throughout the period of ownership. A recent case heard in the First-Tier Tribunal has come up…
Tax implications of no fault divorce
No fault divorce became a reality in April this year. Although it brought no associated changes to the tax rules, divorcing couples should now be in a better position to focus on financial issues –…
Are you on top of Making Tax Digital’s latest developments?
The widening scope of Making Tax Digital (MTD) is highlighting several issues, including the limited availability of the MTD for income tax pilot scheme, and low awareness of the recent expansion of MTD for VAT…
Charitable giving pitfalls
Many individuals donate to charity simply for altruistic reasons, but this doesn’t mean the tax benefit should be ignored. With Gift Aid donations saving tax at an individual’s marginal rate, donors need to watch out…