With careful planning, family wealth created by one generation can be protected and grown for future generations to thrive. Where is your wealth held? An important aspect of wealth planning is identifying where the wealth is held – while some family’s wealth will be solely invested and utilised in the business, others may have assets […]
The Government’s Coronavirus Job Retention Scheme (CJRS) scheme ended at the end of September. HMRC’s attention will now turn to reviewing the accuracy of the claims made. It has been estimated that the error and fraud rate in the CJRS scheme could have been between five and ten per cent (£1.75 – £3.5 billion) by […]
A one-off ‘wealth tax’ has been discussed as a potential method to raise significant revenue in the UK, but would it be practical? A Wealth Tax Commission (WTC) was introduced in April 2020 to carry out research into whether a wealth tax should be implemented within the UK. The WTC completed their final report in […]
Despite many believing their estates will exceed the threshold, nearly a third of over-55s are yet to check how Inheritance Tax (IHT) could impact them. Research conducted by Time Investments found, out of 1,019 individuals surveyed, 31 per cent of over-55s were unaware how IHT would impact them, despite 30 per cent believing their estates […]
140,000 “extra” transactions have been generated in the UK from the stamp duty holiday, but who really benefits? According to a report from the London School of Economics (LSE), homeowners saved on average £15,000 of Stamp Duty Land Tax (SDLT) from the scheme, which may be seen as a success in stimulating the housing market […]
With recent reviews into Capital Gains Tax and Inheritance Tax now complete, could this be the time for family businesses to review their approach to succession planning? If managed correctly, individuals and families who have created a large amount of wealth for themselves can see a substantially positive impact for their family dynamics and business […]
Due to frenzied market activity in the last 12 months, driven partly by the stamp duty holiday, nearly two million UK houses are now in the higher stamp duty bracket in a victory for HMRC. According to figures by property website Zoopla, 940,000 additional properties will now attract some level of stamp duty at five […]
The legalities surrounding divorce will soon be subject to modernisation, with an era of ‘no-fault divorce’ set to begin in Spring 2022. The related tax issues are likely to remain untouched and complicated, yet integral to achieving the best resolution. Careful planning of any proposed divorce settlement should help to minimise the tax cost of […]
With a sense that inheritance tax (IHT) reform is overdue, combined with a need to raise funds to alleviate the costs of the pandemic, plans for significant changes to IHT could be fast tracked by HMRC. A recent report from the Organisation for Economic Co-operation and Development (OECD) on inheritance taxation suggests radical changes to […]
Whether you’re planning to start out in property or an existing landlord, keeping up to date with rule changes around property transactions is imperative. Here’s five rules impacted by recent changes to consider: An extra 2% Stamp Duty Land Tax (SDLT) surcharge now applies if you’re purchasing a residential property in England and Northern Ireland but […]
