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Tax Tag

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The long-term outlook for government finances suggests tax increases are inevitable. The Office for Budget Responsibility (OBR) produces medium-term financial forecasts alongside the Budget and Spring Statement, but that is not its only task. It is also required to take a longer-term view of the public...

28 August, 2018 /

Draft legislation released in July contains more bad news for those renting out residential property. The Finance Bill 2018/19 draft legislation published just before the summer holidays has confirmed the following measures: From 6 April 2019, the rules for rent-a-room relief (which exempts up to £7,500...

20 August, 2018 /

The prospect of a flat rate of tax relief on pension contributions has resurfaced in the national press. The cost of pension relief has been chipped back in recent years, mainly by reducing the annual allowance. However, a report in The Times in early July...

06 August, 2018 /

A new report has proposed taxing the baby boomers to help resolve major issues around intergenerational fairness. The report, published by the Intergenerational Commission in May, offers ten policy recommendations which would represent a radical overhaul of the UK tax system. Examples include replacing inheritance tax...

18 June, 2018 /

The way savings are taxed is being reviewed by the Office of Tax Simplification (OTS). The OTS is looking at the way in which savings and investment income is taxed, which can be very complicated. According to its paper, published in May 2018, “the interactions...

11 June, 2018 /

HMRC is starting the tax year with their annual reminder to submit your tax return. HMRC’s reminder might seem early, but its statistics show that 750,000 people (6.5%) missed the deadline for 2016/17, potentially facing an immediate £100 penalty, even if they had no outstanding...

21 May, 2018 /

Couples could now save an extra £20,000 of inheritance tax (IHT), as the residence nil rate band (RNRB) increased in April 2018. The RNRB was increased at start of the new tax year and it is due to increase by £25,000 in each of the next...

14 May, 2018 /

Important changes for venture capital schemes and enterprise investment have recently come into effect.  New ‘risk-to-capital’ conditions apply to investments in venture capital trusts (VCTs), enterprise investment schemes (EISs) and seed enterprise investment schemes (SEISs). The changes took effect on 15 March 2018, when the...

16 April, 2018 /

It is worth looking at what your pension pot could buy for your retirement. The importance of pension contributions has been bolstered by the rollout of auto-enrolment pension schemes. However, it is not as clear what your savings will give you when you come to retire. For...

09 April, 2018 /

HMRC has published its annual assessment of the cost of tax reliefs. Every January HMRC publishes a table of ‘Estimated costs of principal tax reliefs’. Any Chancellor facing a budget deficit is bound to run his eyes down the list to see where the money is...

05 March, 2018 /