Monthly Archive: November 2015

Scottish Rate of Income Tax

The Scottish rate of income tax will come into effect from 6 April 2016 and will affect all taxpayers living in Scotland, and all employers with employees who live in Scotland. HMRC will contact customers living in Scotland, where our…
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AUTUMN STATEMENT 2015: Stamp Duty Land Tax Changes

SDLT: additional properties Higher rates of SDLT will be charged on purchases of additional residential properties (above £40,000), such as buy to let properties and second homes, from 1 April 2016. The higher rates will be 3 percentage points above the current SDLT rates….
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AUTUMN STATEMENT 2015: Capital Gains Tax Changes

From April 2019, a payment on account of any capital gains tax due on the disposal of residential property will be required to be made within 30 days of the completion of the disposal. This will not affect gains on properties which…
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Trustees and Residential Property

The government has tabled amendments to the Finance Bill extending the restriction on interest relief on let residential properties to the trustees of discretionary or accumulated income settlements. Interest paid by the trustees property business will be restricted to the…
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THE NEW REGIME FOR TRUSTS: KEY POINTS PART I

Most trusts are subject to the so-called ‘relevant property’ tax regime. The regime imposes a charge to inheritance tax on the capital value of trust assets on each 10 year anniversary of the creation of the trust and for ‘exit’…
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Update on HMRC Practice for Major Inheritance Tax Exemption

For many, inheritance tax planning involves using the annual exemption of £3,000 every year and making gifts with the hope that they will survive the 7 years for the exemption to apply. Such basic planning is typically periodic and often ineffective…
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