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Tax Archive

Pre-Budget Report

High spending on education and increased “green” taxes
At the heart of Gordon Browns 10th Pre-Budget Report was high spending on education and increased “green” taxes. He announced that he would be squeezing an extra £2 billion in tax out of the economy this year to finance his higher spending. Read more
The Budget at a glance

  • Were you a winner or loser?

    • Read on ...
    Are you missing out on any property tax breaks?

    The 5th April deadline is fast approaching
    for any unused contributions that you may wish to make to your 2006/07 Individual Savings Account (ISA) allowance. Follow our ISA refresher if you need a reminder about what they are and how they could work for you.     Read on
    Government setback on inheritance tax

    Sheltering your property
    The government has recently suffered a setback in its bid to clamp down on homeowners seeking to shelter property from inheritance tax (IHT), following a ruling by the Special Commissioners.     Read on
    ISA returns of the year

    Don’t miss the deadline
    The 5th April deadline is fast approaching for any unused contributions that you may wish to make to your 2006/07 Individual Savings Account (ISA) allowance. Follow our ISA refresher if you need a reminder about what they are and
    how they could work for you.     Read on
    Quick guide to the main measures – The key Pre-Budget Report points

    Children and Education
    Direct payments to schools will go up in April from £39,000 to £50,000 for primaries and £150,000 to £200,000 for secondaries.     Read on
    Self-Assessment

    Completing your tax return
    Overwhelmed by the prospect of filling out your tax return before 30 September?     Read on
    Starting your tax planning early

    Reduce taxing times ahead
    Although the end of the 2006-07 financial year may seem on the distant horizon, if you start your tax planning early, you have a much better chance of keeping the taxman at bay, as there is always room to make your affairs more
    tax-efficient.     Read on
    Taxing times

    Planning to pay less tax
    In the current tax year, a married couple or couple in a civil partnership each have a personal allowance of £5,035 (if they are under the age of 65), below which no income tax is paid.     Read on
    Taxing Trusts

    Minimising the impact of rule change
    In March this year, the Chancellor stunned many by announcing that trusts would be subject to a 20 per cent set-up tax charge on assets above the nil rate band (currently £285,000), as well as a 6 per cent tax charge
    every ten years.     Read on
    Trusts climbdown

    Do I still need to check my will?
    The Chancellor, Gordon Brown has bowed to pressure and amended key elements of his crackdown on certain trusts, which he had announced in his March budget. The amendments said life policies written into trust before budget
    day on 22 March 2006 would not be caught.     Read on
    Widening the inheritance tax net

    The trust that got away
    Gordon Brown’s crackdown on trusts has so far missed a scheme that could allow families to save inheritance tax (IHT). The schemes, called discretionary will trusts, are expected to jump in popularity as the number of properties
    above the IHT threshold — £285,000 this tax year — soars.     Read on

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