New 30-day Capital Gains Tax deadline set to come into effect

The deadline for reporting and paying Capital Gains Tax (CGT) arising from the sale of a residential property is set to be shortened drastically in April. Under the current rules, landlords and investors, as well as people who previously used


Property tax implications of getting divorced

If you are in the process of getting divorced, it is likely that the tax considerations involved are not foremost in your mind. However, divorce can have extensive implications for your tax bill, including in relation to Capital Gains Tax


Get ready for a range of tax changes this April

Monday 6 April 2020 will see a range of tax changes come into effect with the start of the 2020/21 tax year. Some of these changes have the potential to have considerable implications for your tax bill, depending upon your


Pass on up to £950,000 tax-free in 2019-20

As of 6 April, direct descendants can inherit up to £950,000 completely free of inheritance tax from their parents or grandparents thanks to increases in the residence nil-rate band. This tax-free allowance on inherited property has risen from £125,000 to


Gifts out of income and their benefits to beneficiaries

Giving away surplus income as a gift to family members is often promoted as an excellent way of planning for the future and as a way of reducing liabilities on a person’s estate. But how do the rules regarding gifts


Smaller estates should not have to file Inheritance Tax paperwork, says Office for Tax Simplification

The Office for Tax Simplification (OTS) has said that smaller and less complex estates should not be subject to the requirement to file Inheritance Tax (IHT) paperwork. The call was part of a review into IHT, which Chancellor Philip Hammond


IHT review could impact on farmers

The current review of the Inheritance Tax (IHT) system by the Office of Tax Simplification (OTS) could be of particular relevance for farmers and the landed estate sectors. In its scoping document, the OTS says that the overall aim of


Chancellor calls for Inheritance Tax review to make regime “fit for purpose”

The Chancellor, Philip Hammond, has asked the Office of Tax Simplification (OTS) to undertake a review of the Inheritance Tax (IHT) system to ensure that it meets the needs of modern households. In a letter to the OTS, an independent


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