As part of the Autumn Budget delivered on 30 October 2024, the Chancellor announced a series of reforms to the taxation of non-UK domiciled individuals (non-doms) and their offshore structures. Please see our other articles for more information on the changes made to the income tax and capital gains tax regime for non-doms, and inheritance […]
As part of the Autumn Budget delivered on 30 October 2024, the Chancellor, Rachel Reeves, announced a series of sweeping reforms to replace the current tax regime for UK resident, non-UK domiciled individuals (non-doms). The inheritance tax (IHT) reforms are summarised below. Please see our other articles for more information on the changes made to […]
An individual selling a residential property should consider whether tax reliefs could reduce or eliminate any capital gain. When an individual sells their home, it’s often assumed that any uplift in value will be exempt from capital gains tax. While this is generally the case, there are circumstances where the relief is restricted. This can […]
Making Tax Digital (MTD) is part of the government’s plan to modernise the UK tax system and improve the accuracy of information provided by taxpayers to HM Revenue & Customs (HMRC). The basic requirements of Making Tax Digital are that affected businesses and individuals must: Keep digital records, Use MTD compatible software, and Report information […]
The Making Tax Digital for income tax (MTD ITSA) programme has been surrounded by delays and complications since its inception in 2015, with the result that the question on the minds of many taxpayers has probably been ‘will this ever come in at all?’ rather than ‘does this apply to me and what should I […]
CGT and income tax The government has announced that from 6 April 2025 the remittance basis regime will be abolished and replaced with a new residence-based regime. New arrivals that have been non-UK resident for at least 10 consecutive tax years will benefit from full tax relief on foreign income and gains (FIG) arising during […]
Non-UK resident entertainers and sportspeople who perform or compete in the UK need to be aware of special tax rules. The special rules include having tax withheld from payments made for appearances in the UK and paying UK tax on a proportion of worldwide income earned in connection with those appearances. Withholding tax for non-resident […]
In her statement on 29 July 2024, the Chancellor announced an end to the VAT exemption for education provided by private schools to take effect from 1 January 2025. The Labour Party had included this commitment in their manifesto with the aim of raising tax revenue to improve standards in state schools by recruiting more […]
As part of the Spring Budget delivered on 6 March 2024, former Chancellor, Jeremy Hunt, announced a series of sweeping reforms to replace the current tax regime for UK resident, non-UK domiciled individuals (‘non-doms’). For the latest updates on this topic visit Budget changes for non-doms Following the General Election earlier this year, the new […]
Inheritance tax gifts are gifts made during a person’s lifetime that may be subject to inheritance tax if they were made fewer than 7 years before the donor’s death. For many, inheritance tax is a growing concern and so they may choose to make gifts now to reduce inheritance tax in the future. This article […]
