As the Government seeks to plug certain gaps in the public purse, we are unlikely to see any change in Income Tax thresholds – despite wages and the State Pension rising. Under the previous Government, tax thresholds were frozen until March 2028, and it remains to be seen whether this will change under the Labour […]
Raising tax rates is a traditional government strategy to increase tax receipts for HMRC, but this may not be the case for capital gains tax (CGT). This is because taxpayers generally have more control over when gains are realised. The upcoming Budget at the end of October is widely expected to see a hike in […]
If you’re a business owner or director, getting your salary structure right is crucial. A solid and adaptable plan can help to save you and your business from paying more tax than necessary and ensure that you get the most out of being a business owner! There are a number of tools in your arsenal […]
Surrey-based accountancy firm, TWP, has issued a warning to those seeking to minimise Inheritance Tax (IHT) liabilities by gifting or passing on wealth. As the 2024 Autumn Budget approaches, tax on wealth looks set to be a priority, with IHT high on the list of potential tax rises – which could pull more estates into […]
Many commentators are suggesting that the rate of CGT might be aligned with the rates of income tax, a return to the regime that applied when Gordon Brown was chancellor. Rachel Reeves is known to be a disciple of Gordon, so maybe we will see a return to taper relief as well! One would hope […]
CGT changes normally take effect from 6 April, but there have been mid-year changes in the past. This possibility has caused many taxpayers to bring forward disposals to take advantage of the current rates. The disposal date for CGT is the date of unconditional exchange of contracts and there is likely to be anti-forestalling legislation […]
Many investors may be looking to realise capital gains on their investments at the current rates, just in case there is an increase with effect from 30 October 2024. They may then wish to repurchase those investments after the change in rates to retain the balance of investments in their portfolio. Where the same shares […]
Changes to pension tax relief seems to be top of the list of possible changes in the Budget and could yield more tax revenues than changes to CGT and IHT combined. As recently as 6 April 2023, we saw the abolition of the lifetime allowance charge and a significant increase in the pension annual allowance […]
Under current pension rules, many pension funds allow pension scheme members to withdraw up to 25% of their pension savings tax-free. Finance Act 2023 limited the tax-free amount to £268,275 unless the individual had applied for protection at a higher amount. There are rumours that the tax-free amount may be further limited, with an amount […]
The current State Pension is £11,502 and is due to rise to around £12,000 a year for 2025/26. At current annuity rates it would cost over £300,000 to receive an index-linked annuity starting at £12,000 a year, so it’s important to maximise your entitlement. In order to receive a full State Pension you need 35 […]
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