From 5 October 2018, childcare voucher schemes will be closed to new applicants. Previously the government intended to close the scheme to new applicants from 5 April 2018, but this has now been extended by six months. Where an employer offers a childcare voucher scheme, individuals who have a parental responsibility may be able to […]
Everyone knows the benefits of staying fit and healthy; however, in a world where many of the workforce spend large periods of the day sat at their desks what can employers do to encourage their staff to stay fit? The government, concerned about the cost to UK businesses of work days lost through ill health, […]
The Office of Tax Simplification (OTS) is reviewing the inheritance tax (IHT) regime to identify whether unnecessary complexities exist, and has issued a public call for views and evidence. The scope of the review is focused on compliance with the rules and administering estates, calculating and paying IHT, rather than rates and exemptions. The review […]
Stamp duty land tax receipts in 2017/18 were higher than at any time in the previous 10 years. £9.3billion was collected on residential property transactions alone, with close to 30% of the 854,000 taxable purchases being subject to the higher rates for second homes. David Buck, Partner said “Stamp duty land tax is raising a […]
A personal representative who transferred a deceased’s estate to a beneficiary who has apparently now vanished to Barbados has been told by the First-Tier Tribunal that he must pay a £341,278 inheritance tax bill that is due from the deceased’s estate. David Nash, Partner and Head of Legal Practice, said “This case is a reminder that […]
The 2018/19 tax year is now well underway. Below is a summary of some of the changes to tax allowances, to assist individuals to plan as the tax year progresses. Income tax The personal allowance has increased from £11,500 to £11,850. The basic rate band has increased from £33,500 to £34,500, giving a higher rate […]
IHT receipts hit a new record high of £5.3billion in 2017/18; a 13% increase on the £4.7billion collected in 2016/17. David Nash, Partner said “The continual increase in inheritance tax receipts is down to numerous factors, including the nil rate band being frozen since 2009, increasing residential property prices, and growth in asset values generally. […]
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13 March 2018 marked the first ever Spring Statement, which has replaced the Spring Budget. The main purpose of the Spring Statement was not to announce immediate tax changes or spending policies, but to give the UK an update on the state of the economy and public finances. Some of the main discussion points were: […]
Summer Budget 2015 announced changes to the way in which some landlords of residential property get tax relief for their mortgage interest and other finance costs. The changes came into effect from April 2017 and so the first tax year that will be affected is 2017/2018. Landlords who let residential property as an individual […]
