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Tax - Latest Articles
An introduction to CGT
Inheritance taxAccording to Halifax, nearly 100,000 UK residential properties are now worth over £1m and nearly 2m people remain liable to inheritance tax (IHT). Read on ... 
Capital gains taxAlistair Darling, the chancellor delivered another blow to businesses and shareholder groups by announcing that concessions to ameliorate the impact of changes to the capital gains tax (CGT) regime would be delayed until April this year. Read on ... 
Trust in your futureEven though the government has simplified the situation on inheritance tax (IHT) for married couples and registered civil partnerships who own more valuable houses, are there still merits in setting up trusts? Read on ... 
Proposed new rules could lead to taxing times aheadThousands of family businesses could face higher tax bills under proposed new rules that overturn a famous defeat for the government in the courts. Read on ... 
Home is where the ‘tax bill’ is!An individual’s domicile can be equated with their home for tax purposes, as opposed to the concept of where an individual resides at any given moment. As such, it is fundamental to how tax is paid. Everybody has to have a domicile. Read on ... 
Keep it in the familyThere are 2.86m widows and 800,000 widowers in England, Scotland and Wales who could all benefit from increased IHT allowances due to the changes in the rules made by Chancellor Alistair Darling in his October 2007 Pre-Budget statement. Read on ... 
People don’t plan to fail, but they do fail to planRegardless of your age inheritance tax (IHT) is a great example of a tax where bills could be significantly reduced if you plan ahead. See if you are taking full advantage of the options available to you! Read on ... 
Tax New penalties could bring a sting in the tailIndividuals who have been prudent over the years and saved rigorously will not be pleased to hear that they may become subjected to new taxes of up to 82 per cent. Read on ... 
Less taxing times ahead!Q: After hearing the announcements made in the Pre-Budget Report relating to inheritance tax (IHT), I would like to know if I can still leave everything to my spouse without paying this tax? A: The Chancellor... Read on ... 
2008/09 tax yearThe personal allowance paid to everyone up to 65 rises by £210 from £5,225 to £5,435 The allowance for people aged 65 to 74 rises by £1,480 from £7,550 to £9,030. This above-inflation increase is compensation for the withdrawal of the 10 per cent starter tax rate from this April. Read on ... 
Tax-saving strategiesUsing a combination of insurance bonds and charitable gifts could mean that you avoid higher-rate tax on your investments. Insurance bonds may benefit higher-rate taxpayers because of the way they are taxed. Read on ... 
Bequeathing your pension to family membersA government loophole that was closed in last year’s Pre-Budget Report could mean that many wealthy individuals who had been planning to leave their pensions to their heirs will no longer have this tax-efficient facility open to them. Read on ... 
Lifetime savings limitsFollowing 'A' Day on 6 April 2006, new rules now place an overall lifetime limit on tax-advantaged pension funds of £1.6m (2007/08). Read on ... 
Taxing profits could affect your ability to pay school feesHundreds of thousands of family businesses face the prospect of paying more tax thanks to a statement hidden away in last December’s Pre Budget Report. To those who have followed the “Arctic Systems” case, this comes as no surprise. Read on ... 
CGT may be changing...The Chancellor has announced plans to replace the current rules for capital gains tax with a single rate of 18%; but removal of “taper relief” means planning is essential. SFIA is confident that equity investments remain the best way to plan for the cost of an independent education for your child. Read on ... 
Beating the taxmanParents who run their own businesses may be interested to learn that, in a rare reversal for HM Revenue and Customs, the House of Lords has upheld an Appeal court ruling that allows a family run business to minimise its tax liability by paying dividends to both parties, even though one person is the main fee earner Read on ... 
Inheritance TaxIn eighteen pages of legislation the Finance (No 2) Bill has put some flesh onto the far-reaching changes to trust taxation which were announced on Budget Day. The changes are every bit as sweeping as the Budget Day press release had suggested. Read on ... 
Budget 2007After the seismic changes to the taxation of trusts introduced in the 2006 Budget, the Chancellor opted for a tinkering Budget0, tightening up various anti-avoidance provisions, amending the rules regarding filing, enquiries and penalties and also giving some comfort to taxpayers Read on ... 
Tenants in common schemes Recent changes could affect your estate planning Thousands of families that have entered into arrangements to protect them against inheritance tax (IHT), which involves splitting the value of a property between a husband and wife, and is aimed at lessening the tax burden - could now face higher tax bills. Read on 
Personal wealthHow much are you really worth?Estimating your "true worth" may seem like a simple task, but with so many areas of your finances relying on the figures being right it is not something to be taken lightly. Read on 
Inheritance taxYour 10 point inheritance tax checklistWork out the total value of your assets and who owns what. Remember that each of you can leave assets in your estate worth up to £300,000 before IHT starts to bite. Read on 
Protection, protection, protectionCombating the effects of inflationSavers and investors have recently been left in no doubt that inflation is far from dead after the retail price index reached its highest level for 15 years. Read on 
Tax clampdown on equality in marriageBigger tax bills on the horizon!Thousands of couples could be affected by an HM Revenue and Customs (HMRC) clampdown which may leave their heirs with a bigger bill for inheritance tax (IHT). Read on 
The Budget at a glance Unemployed and low paidUnemployment claimant count at 920,000. Review of National Insurance and income tax system for lower-paid workers. The number of low-skilled jobs will fall from 2.1m to 600,000. Read on 
Taxing Times AheadWhat the number really meanThe basic rate of income tax is set to be cut from 22 per cent to 20 per cent with effect from 6 April 2008 and the 10 per cent lowest rate of income tax will be scrapped for earned income and pensions. Read on 
Corporation TaxBusiness leaders welcome mainstream rate cut In general, business leaders have reacted positively to the cut in the mainstream corporation tax rate from 30 per cent to 28 per cent announced during Budget 2007, which becomes effective from 6 April 2008. Read on 
Court rules in favour of corporate taxpayersCorporate taxpayers won a legal victory recently when Britain's top court ruled in their favour over the way in which the depreciation of certain assets should be treated when calculating profits for tax purposes. Read on ...
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