The Financial Ombudsman Service (FOS) has ordered Advance Mortgage Funding to compensate a couple after it gave incorrect advice on Stamp Duty Land Tax (SDLT), which resulted in them having to find an additional £30,000. Prior to the purchase of their new home the couple concerned had asked their broker whether they would need to […]
In the 2018/2019 tax year HMRC opened investigations into 5,537 inheritance tax returns submitted, according to figures gained from a freedom of information request by wealth managers Quilter. This represents 23% of the 22,000 estates on which inheritance tax was due. This number of investigations is 3.4% higher than in the previous year and 7.8% […]
If you were to make a gift of money or assets would you be aware of the inheritance tax rules that might apply? HM Revenue & Customs (HMRC) polled 2,090 people and found that only 25% of those who recently made a gift had a working knowledge of the rules. Less than half (45%) were […]
The number of landlords living overseas who have come forward to voluntarily disclose tax avoidance on UK buy-to-lets has risen by over 60% in the past year. HM Revenue & Customs (HMRC) as part of its ‘Let Property Campaign’ has sent out thousands of letters to those living abroad who may have British tax liabilities, […]
From 6 April 2020, anyone selling a residential property will be required to settle any Capital Gains Tax (CGT) charges within a new 30-day payment deadline. Taxpayers will no longer be able to pay any tax charges as part of self-assessment. Somewhat ironically, the tax payment date for a property sold between now and April […]
HM Revenue & Customs (HMRC) has a new £100m weapon to help identify individuals who may not be declaring all of their income, and therefore not paying enough tax. The new supercomputer ‘Connect’ uses information from a range of Government and website sources to create a profile of a taxpayer’s total income, as opposed to […]
Stamp Duty Land Tax – latest HMRC Avoidance Case Victory Based on previous recent verdicts, the latest First Tier Tribunal judgment in favour of HMRC against an annuity-based Stamp Duty Land Tax (SDLT) avoidance scheme was no real surprise. Although the taxpayer (himself a self-proclaimed property tax specialist, who had implemented the same scheme for […]
Parents affected by the High-Income Child Benefit Charge (HICBC) can be forgiven for thinking that there is no point in registering for child benefit if they may have to give back everything they receive in the form of a tax charge. The HICBC applies where the parent claiming child benefit or their partner has income […]
Cryptoassets are a relatively new type of much talked about asset. This sector is fast-moving and developing all the time. The CATF (Cryptoasset Taskforce) have currently identified three types of cryptoassets – exchange tokens, utility tokens and security tokens. However, the tax treatment of each is dependent on the nature and use of the token […]
The deadline for submission of online self-assessment tax returns is 31 January 2019. If you send your return late, you will receive a £100 penalty – even if you have no tax to pay or you pay your tax on time. The longer you delay, the more you will have to pay, as further late-filing […]
