Personal tax

Plan your money 2019

2019 is set to be a year of changes for finances, with everything from council tax, state pension payments and inheritance tax set to change. Find out about the changes below and how your finances could be affected.

Ministers considering over 40’s tax

Ministers in the United Kingdom are considering new ways to fund the increasing cost of social care. 

One of the suggested methods has been successfully used in Germany for nearly two decades and involves placing a 2.5% levy onto the income and earnings of those aged over 40.

CGT planning for married couples

This article is also relevant to couples who have entered into a civil partnership.

For the tax year 2018-19, taxpayers can make tax-free capital gains of up to £11,700.

This allowance is available on a per person basis and so married couples (and those in a civil partnership) have a combined CGT allowance of £23,400.

Chancellor calls for a simplification on Inheritance Tax

The Office of Tax Simplification (OTS) has already highlighted inheritance tax (IHT) as an area ripe for an overhaul and now the Chancellor, Philip Hammond, has asked the body to conduct a system-wide review of the current tax regime, and wants to see proposals for simplification, ‘to ensure that the system is fit for purpose and makes the experience of those who interact with it as smooth as possible’.