Autumn Budget 2021 – the tax Budget that never was!

You can never truly know the content of the Budget until the Chancellor has sat down and you get to grips with all of the publications generated by HM Treasury, even in this day and age, when numerous announcements are leaked to the press in the run up to the big day. Often those publications […]

Budget 2021 – corporation tax Groundhog day

The Chancellor has taken us back in time today with the increase in the rate of corporation tax.  Some of you may recall that before 1 April 2014, there were three corporation tax rates – the main rate, the marginal rate and the small profits rate.  This system is being re-introduced from 1 April 2023. […]

Budget 2021 – stamp duty land tax holiday continues

Last year, the Chancellor introduced a temporary increase in the threshold for which stamp duty land tax (“SDLT”) was payable on UK properties. Previously you would only pay SDLT on properties worth more than £125,000.  In July 2020, this threshold was temporarily increased to £500,000 and was due to end on 31 March 2021. In […]

Budget 2021 – COVID-19 support extended

The Chancellor has confirmed the extension of a number of measures designed to assist taxpayers to weather the economic and administrative problems caused by the extended COVID-19 lockdown. These measures are welcome but sadly reflect the fact that the impact of the virus has gone on far longer than the Government initially estimated. Furlough As […]

Budget 2021 – tax thresholds frozen but are fundamental changes on the horizon?

Rather than the much anticipated increase in capital gains tax rates, or even changes to business assets disposal relief (previously known as entrepreneurs’ relief), the Chancellor has instead decided to freeze income tax, capital gains tax and inheritance tax thresholds. The Chancellor acknowledged that the fairest route was to have the highest earning households contribute […]

Budget 2021 – what’s the meaning of a super-deduction?

During his speech, the Chancellor had everyone scratching their heads over his announcement of a super-deduction for investment – how super would it be, what is meant by investments and who would qualify? Now the wait is over, with the release of some further details – although we have to wait for the Finance Bill […]

Are capital gains tax rates about to increase?

Simply put, capital gains tax (“CGT”) is paid when an asset, other than your main residence, is sold at a profit. Currently there are four rates of CGT being 18% and 28% on UK residential property and 10% and 20% on all other assets (the rates depending on whether the taxpayer pays basic or higher […]

Business loan write-offs: Not all bad news?

It is fairly common for a business owner to lend money to their own business, or possibly a business owned by a family member, to fund the operation of the business. Unfortunately, the business will sometimes be unsuccessful and the loan may become irrecoverable, resulting in it being written off. Tax relief may be available […]

Property tax deductions: Don’t miss out!

Capital gains tax (CGT) relief is generally available on the disposal of property in respect of improvements etc., for ‘the amount of any expenditure wholly and exclusively incurred on the asset by him or on his behalf for the purpose of enhancing the value of the assets, being expenditure reflected in the state or nature […]