Inheritance tax receipts up by a fifth Inheritance tax (IHT) receipts totalled £4.7 billion in 2015/16, a 22% increase on the previous year.Without taking inflation into account, this is the highest receipts have been since the IHT system was introduced in 1986. The Office for National Statistics...
Property wealth exceeds savings and pensions 69% of over-45 homeowners say that their home is worth more than their pensions, savings and investments combined, research by Aviva has found. Important findings: - 46% see their property wealth as a key part of their retirement income 23% are worried about...
In a surprise announcement, the Chancellor has announced that effective from 6 April 2016, the Capital Gains Tax (CGT) rates for standard rate taxpayers is to be cut to 10% (from 18%) and for higher rate taxpayers to 20% (from 28%). The new rates will not...
Just over a year ago the Stamp Duty Land Tax (SDLT) system was changed substantially for residential properties with the introduction of new rates. The rates applied on a graduated basis rather than on the old slab system whereby whatever rate applied to the total...
In the Budget, the Chancellor announced the introduction of a new flexible savings plan to help the under 40’s save for the future. Starting in April 2017, the government will launch a new Lifetime ISA that will help those aged between 18 and 40 to...
The Prime Minister David Cameron has announced the creation of a new savings scheme for people on low incomes. The scheme will be called the Help to Save scheme and is expected to be launched by April 2018. The new scheme will allow anyone in...
HMRC reveal tax return statistics and worst excuses - News Article Northern Ireland : Finegan Gibson HMRC have revealed that 10.39 million Self Assessment tax returns were completed ahead of the 31 January deadline which is more than 92% of the total returns expected, and 150,000...
Avoid these bizarre excuses for not submitting a late tax return… Last year more than 10 million tax returns were received by the 31 January filing deadline in 2014, beating the previous year’s total of 9.61 million. The record for the number of online returns filed over the...
Tax relief on rental property repair costs What expenses can be claimed on rental property? If you have a rental property, then you are likely to need to file a self assessment tax return to report the income – even if the property is not making you...
The 31st January is approaching – Do I need to complete a self assessment tax return? It can be time consuming, daunting and stressful. Yes, it’s almost that time of year again when tax returns must be prepared and submitted to HMRC. It is estimated that HMRC has so...