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 […]
Entrepreneurs’ relief: Nothing ‘personal’
A tightening of conditions for capital gains tax (CGT) entrepreneurs’ relief (ER) in Finance Act 2019 may have resulted in some taxpayers no longer qualifying for the relief. Personal company For example, an individual disposing of shares in a company is eligible to claim ER if throughout two years (increased from one year, for disposals […]
Information notices: ‘Fishing’ allowed?
Taxpayers understandably do not generally relish contact with HM Revenue and Customs (HMRC), such as receiving requests for information and/or documents in respect of an individual’s tax affairs. The natural instinct of some taxpayers is to resist such requests, or alternatively to provide only the details that the taxpayer considers HMRC should be entitled to […]