The increased stamp duty relief for first time buyers has not been reversed by the new Chancellor, but it may not survive beyond the tax year. One of the few tax cuts to survive from…
Confused on claiming residence band relief?
Working through inheritance tax (IHT) requirements come at a difficult time. The provisions of the residence nil rate band (RNRB), which can be passed on between deceased spouses and civil partners, has caused some confusion.…
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 –…
Sharp rise in higher rate taxpayer numbers…….
......and if that’s you, then advice is now more important than ever. There was once a time when paying tax at more than the basic rate made you a member of a somewhat select club.…
Cryptoassets tax confusion
HMRC is sending letters to taxpayers who they believe hold cryptoassets, advising them of the potential capital gains tax (CGT) implications and linking to relevant guidance. Many taxpayers will be unaware that simply exchanging one…
Treasury sets aside CGT and IHT change agendas
Tax and Administration Maintenance (TAM) Day is a new phenomenon brought in by the Treasury to try and move away from the traditional all-in-one Budget. Following the first ‘Tax Day’ in March, the end of…
Are your young adults missing out on their Child Trust Fund?
HMRC says many teenagers are missing out on their Child Trust Funds (CTFs), urging parents to check for hidden cash and forgotten accounts. The first CTFs matured just over a year ago, at the start…
What is an adequate retirement income?
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.…
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…