Budget 2025 – an unprecedented Budget
The run up to the Budget was unprecedented in many ways – so many briefings (and counter briefings), a lot of kite-flying, u-turns on policies which had not themselves been formally announced and then the release of the Office for Budget Responsibility’s report before the Chancellor even stood up to start her speech. We always […]
Budget 2025 – target set on property, savings and dividend income
The income tax rate applicable to dividend income, property income and savings income will be increased to try and align the tax burden with earned income (being income derived from employment and self-employment). Essentially, this is because earned income is subject to national insurance contributions, whereas dividend income, property income and savings income is not. […]
Budget 2025 – the ‘mansion tax’ is here!
A new tax will apply to residential property in England which is worth more than £2 million (based on the valuation in 2026) with effect from April 2028. The delay in the introduction will allow for a consultation to be held (including consideration as to how this will apply to properties held by companies, trusts, […]
Budget 2025 – incorporations brought under the microscope
Where an individual, partners or trustees transfer a business into a company in exchange for the company issuing them with shares, then (subject to a number of conditions being met) the inherent gain on the disposal of the business can be rolled into the shares issued by the company – effectively, the gain is deferred […]
Spring Budget 2024 – the pre-Election gamble
At what was likely to be the last fiscal event before the General Election, we expected a few surprises to be dropped in to woo the voters, although most of these were let out of the bag over the weekend in what seemed to be the most briefed budget ever known. But with so many […]
Spring Budget 2024 – property tax has never been so popular!
A number of announcements were made in respect of property taxation, many of which were suggested as a way to influence taxpayers. Too much can be a bad thing So, the theory goes, if you increase tax rates then revenue increases, but there comes a point when the increase influences taxpayers and revenue begins to […]
Whose income is it anyway?
Married couples (and civil partners) often own assets such as investment properties in joint names. For income tax purposes, those individuals are generally treated as beneficially entitled to income from the investment property in equal shares. 50:50 or not? This ‘50:50’ rule applies while the couple are living together. There are various exceptions to the […]