A leading pension think tank has examined this question – but the findings aren’t straightforward. Over the years, there has been much focus on the tax treatment of pensions and ways to encourage greater saving…
Leasehold shake-up on the horizon
Ground rents for residential properties on long leases in England and Wales will soon be abolished, with further reform to follow. This first step in the government’s plan to reform leasehold law affects new leases.…
IR35: The Question of Control
The off-payroll working (IR35) tests are still relevant despite the blanket approach often in place regarding contractors’ employment status. They must always be applied if you are contracting for a small organisation. Two recent decisions…
Bounce Back Loans – Repayment Options
The bounce back loan scheme (BBLS) has kept many businesses afloat over the past year, but, with the first repayments now starting to become due, many of the 1.5 million businesses that borrowed money could…
Focus on national insurance contributions
New government proposals target the promoters of national insurance contribution (NIC) avoidance schemes, while plans are in place to introduce a zero rate of employer contributions in Freeports. Both measures are included in the National…
The future of capital gains tax takes shape
A recently released report on capital gains tax (CGT) by the Office of Tax Simplification (OTS) has made several recommendations on the future of a tax, about which it says many people have limited awareness…
Unhappy families – challenging inheritance issues
The outcome of a recent High Court case is a warning for anyone challenging a will. As inheritances become more valuable, the number of disputes about wills have increased. Court cases rose by almost 50% to 188 in 2019 compared to…
Wheat, Chaff and Umbrella Companies – Separating Them Out
Contractors have turned to umbrella companies as a hassle-free way of providing their services to clients following the recent changes to the off payroll working rules. They receive no tax savings, but pass on some…
Business Relief, IHT and Holiday Homes
There are various tax advantages to a rental property being treated as a furnished holiday letting, but inheritance tax (IHT) business relief is generally not one of them. Even though the law supports HMRC’s view,…
Wealth Divide Increase Through Inheritance
Research by the Institute for Fiscal Studies provides a stark warning of how important inheritances are going to be for younger generations in terms of both lifetime income and wealth. Wealth passed down from one…