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The 2015 Finance Bill – Capital Gains Tax

11th December 2014

The 2015 Finance Bill – Capital Gains Tax On 10 December 2014 the Government produced the widely anticipated draft legislation that will implement a Capital Gains Tax charge on non-residents selling UK residential property after 6 April 2015. This represents a major change to the taxation of gains realised... read more

Posted in: Capital Gains Tax, News, Tax

Pensions Tax Abolished

1st October 2014

Pensions Tax Abolished The 55 per cent pensions tax charge, levied on pension funds passed on after death is to be abolished, following a statement by George Osborne on 29th September 2014. The change will take effect from the beginning of the new tax year in April 2015. Currently,... read more

Posted in: News, Pensions

IHT Revenues Bolstered by Tax Freeze

13th August 2014

IHT Revenues Bolstered by Tax Freeze IHT revenues have recovered this year, hitting £3.42 billion in 2013-14, the highest amount since 2007-8. The way IHT was calculated changed in 2007, following the introduction of the Transferable Nil Rate Band – which was slanted as a tax cut. A combination... read more

Posted in: Inheritance Tax, Tax

HMRC taking debts from bank accounts

8th July 2014

HMRC Taking Debts From Bank Accounts There has been much press coverage of a recent HMRC consultation. This is proposing new powers that would allow them to recover certain tax debts directly from individual’s bank accounts. Whilst this is a proposal at the current time, the ramifications of such... read more

Posted in: News, Tax

Tax Charges for Residential Properties

4th June 2014

Tax Charges for Residential Properties Since April 2013 an annual tax charge has applied to UK residential property held by ‘non-natural persons’ – notably a non-resident company. There has been little comment about the fact that the annual charge would be index linked (whilst the tax bands would not)... read more

Posted in: Financial Planning, Property, Tax

Changes in Taxation for Expat UK Property Owners

9th April 2014

Changes in Taxation for UK Expat Property Owners In his Autumn statement George Osborne announced Government plans to introduce Capital Gains Tax for non-residents selling UK residential property. Their long-awaited consultation document was published Friday 4th April, and we can now comment more precisely on the proposals. For many... read more

Posted in: Property, Tax

Undeclared Income

13th March 2014

Undeclared Income HMRC latest advertising campaign centres on their intention to close in on undeclared amounts of income. One of the areas HMRC are concentrating on is undeclared offshore income.  This has been targeted several times over the past number of years and this time is backed by a... read more

Posted in: News, Tax

New Tax for Foreign Property Owners in UK?

20th November 2013

New Tax for Foreign Property Owners in UK? Taxing high earners, or those who own high value UK property, is a topic which is regularly debated by UK Government. Recent press reports have suggested that the Chancellor may be considering a new tax which will target non UK residents... read more

Posted in: News, Tax

HMRC Letters to Non-Doms

9th September 2013

HMRC Letters to Non-Doms HMRC are currently sending letters to taxpayers whose Tax Returns for 2011/12 claimed the remittance basis of taxation. These letters are an ‘educational exercise’ by HMRC and have caused much controversy.  The idea of the letter is to outline that this is a complicated area... read more

Posted in: News, Tax