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Further to the previous article on this topic, further guidance has been released from HMRC, now that the new legislation is in force. From the start of this tax year, any Capital Gains Tax (CGT) that is due from the sale of a residential property must be declared and paid within 30 days of the …

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Current headlines are dominated by Coronavirus and the early announcements in the budget were no different, with £30bn in total announced to help try to curb the effects of the virus. Looking past this, there were a few other key take-aways in the budget, which are summarised below: Tapered Annual Allowance The Tapered Annual Allowance …

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From April 2020, new rules for Capital Gains Tax (CGT) are set to come into place for landlords and those with additional properties in the UK, but are you aware of them? CGT Timeframe Currently, CGT is paid after submitting your Self Assessment tax return, no matter how the CGT is incurred. From April 2020 …

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You may recall that HMRC has confirmed it is no longer necessary to declare interest received as long as the total is below £10,000. Details of interest received should be provided directly to HMRC by the banks and building societies who should adjust their records accordingly. Individuals are often being issued with a tax calculation …

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Recently, the Office of Tax Simplification (OTS) published its second report, a review of and recommendations for the current Inheritance Tax (IHT) regime. We should caveat, that the recommendations are not specific and more a “direction of travel”. 3 main areas were considered for simplification: Lifetime Gifts Interactions with Capital Gains Tax (CGT) Business and …

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There are many different approaches that can be taken to IHT planning, each having their own merits and being appropriate to different individuals in different circumstances. Making gifts is one of the most common approaches, whether it is a gift to an individual or into trust, or even to charity. As a starting point, every …

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Inheritance Tax (IHT) can often be a major worry for people when it comes to their financial planning, with people often not wanting to pass further wealth on to HMRC, having worked hard to accumulate it, but there are often many misconceptions when it comes to IHT. As of 2019/20, individuals have a standard nil …

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The State Pension can form a large part of an individual’s retirement income. For 2019/20, a full new State Pension will pay £168.60 per week (£8,767 pa) and under current rules, this will increase each April by the higher of average earnings growth, the rate of inflation (measured by CPI) or 2.5%. Many individuals approaching …

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On 9th January this year the long-anticipated ban on pensions cold-calling came into place. This is a welcome step forward in preventing pension scammers from accessing hard-earned retirement funds and comes three years after a campaign to ban the practice started – led by Darren Cooke. Last year the FCA published a report analysing pension …

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Chancellor Philip Hammond’s Budget yesterday was the final budget before the UK leaves the European Union, when we will enter a new chapter in our country’s economic history. The alterations to the income tax bands have been brought forward by a year. From April 2019, the Personal Allowance will be £12,500 and the higher rate …

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