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Taxable Gains on Gifts | What is the Gift Relief on the Transfer of Property?

Gift Hold-Over Relief is a tax relief that effectively defers Capital Gains Tax (CGT). The relief can be claimed when assets are given away (including certain shares) or sold for less than they are worth to help benefit the buyer. Gift Hold-Over Relief means that any gain on the asset is 'held-over' until the recipient of the gift sells or disposes of them. This is done by reducing the acquisition cost by the amount of the held over gain for the acquirer.

16 Nov 2023 Read more
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What is the trust income tax rate for 2023/24? | Trusts and Income Tax

A trust is created when assets, usually referred to as the trust property, are placed under the control of a trustee for the benefit of another, usually referred to as the beneficiary. The person transferring assets to the trust is known as the settlor.

16 Nov 2023 Read more
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What is the Economic Crime and Corporate Transparency Bill? | Companies House proposed measures and implementation.

The measures set out in the Economic Crime and Corporate Transparency Bill give Companies House new and enhanced powers to improve the quality and reliability of their data.

16 Nov 2023 Read more
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Making a Will: Why you shouldn't rely on instestacy rules

You can’t take your wealth with you when you die (the wealthier of the ancient Egyptians tried).  Someone must inherit and if you don’t leave a Will, the decision is made for you by the Intestacy Rules, found in Section 46 of the Administration of Justice Act 1925. Our latest article explains the benefits of making a bespoke Will. 

30 Oct 2023 Read more
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Tax Diary November 2023

Key dates for your tax diary in November 2023.

18 Oct 2023 Read more
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Replacement of domestic items relief | Tax Relief For Replacement Of Domestic Items

The difference between the replacement of domestic items relief and wear and tear relief. The replacement of domestic items relief was introduced as a replacement to the previous legislation known as wear and tear relief. The critical difference between the old Wear and tear relief and the new replacement of domestic items relief is that the older system was only available for furnished lettings. The new legislation is not as restrictive as the prior relief, with the further relief available for all properties.  

12 Oct 2023 Read more
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Community Investment Tax Relief Scheme | What is the HMRC community investment tax relief?

What is the Community Investment Tax Relief Scheme?The Community Investment Tax Relief (CITR) scheme encourages investment in accredited intermediary organisations, called Community Development Finance Institutions (CDFIs). The tax relief under the system is available to both individuals and companies. CDFIs may take a range of forms, including: • Community loan funds, which make capital available to community regeneration initiatives and businesses; • Micro-finance funds, which make small loans, usually at near-market rates of interest, to the smallest businesses, e.g., sole traders and • Social banks - profit-seeking financial service providers or subsidiaries dedicated to social or environmental objectives.  

12 Oct 2023 Read more
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Utilising Capital Gains Tax Losses | Can I deduct capital losses from capital gains?

What are Capital Losses Usually, if you sell an asset for less than you paid, you will make a capital loss. As a general rule, if the support would have been liable to CGT had a gain occurred, then the loss should be an allowable deduction.  

12 Oct 2023 Read more
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Paying tax by Certificate of Tax Deposit | What is the HMRC CTD scheme?

What is the Tax deposit Scheme? The Certificate of Tax Deposit scheme allowed users to deposit money with HMRC and use it later to pay tax liabilities. The date that the certificate was purchased was known as the effective payment date. The scheme closed for new purchases on 23 November 2017. ​ However, at the time, HMRC had committed to honour existing the remaining certificate of tax deposits until 23 November 2023. As this date approaches, it is important that certificate tax of deposit holders take appropriate action. 

12 Oct 2023 Read more
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Tax Diary October 2023 | Important Tax Year Dates and Deadlines

Key dates for your tax diary in October 2023.

20 Sep 2023 Read more
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What Tax do You Need to Pay if You Move Abroad? | P85 Form Leaving the UK getting your tax right

The P85 form should be completed by individuals to advise HMRC they are planning to move abroad or they have already moved abroad and they intend to work for at least a full tax year. Individuals who complete a self-assessment tax return can tell HMRC of their plans to leave the UK through their return. The “resident” section (form SA109) should be completed and sent by post (this cannot be done online). If you don’t usually complete a self-assessment tax return you should include parts 2 and 3 of your P45 form.  

19 Sep 2023 Read more
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How to Claim Tax Relief on Private Pension Contributions | Tax relief on pension contributions

You can usually claim tax relief for your private pension contributions. There is an annual allowance for tax relief on pensions of £60,000 for the current 2023-24 tax year. The annual allowance was £40,000 in 2022-23.There is a three year carry forward rule that allows you to carry forward any unused amount of your annual allowance from the last three tax years if you have made pension savings in those years. There also used to also be a lifetime limit for tax relief on pension contributions but this was removed with effect from 6 April 2023.

19 Sep 2023 Read more
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