Tax

With the end of the tax year looming there is still time to save tax for 2018/19. Make full use of your ISA allowance - ISAs can offer a useful tax free way to save, whether this is for your children's future, a first home or another purpose. Individuals may invest up to a limit of £20,000 for the 2018/19 tax year. Savers have until 5 April 2019 to make their 2018/19 ISA inv ...

The end of the Tax Year is just around the corner (5th April 2019) and it would be prudent to make use of certain allowances and reliefs by this date. Here are 8 tips to maximise your tax efficient financial planning . . . Maximise pension tax relief Individuals, up to age 75, can benefit from relief at their marginal rate of income tax on up to 100% of their gross earni ...

It may be possible to reclaim some of the inheritance tax (IHT) paid on Estates if the stock market performs badly. IHT on shares is calculated on their value on the day the owner dies, but it may take months for the Estate to complete probate and the shares to be inherited. If the share price falls before the inheritor has taken ownership, the estate may have overpaid IHT. ...

IHT, Tax

There was an interesting article in the Sunday Times on the 20th January 2019. I have extracted some of the points from the article below: When a teenager was invited out for a meal by his Grandparents last week, he assumed it was to celebrate his 18th birthday. So he was flabbergasted to be told — even before the drinks had been ordered — that they had saved £118,000 for him ...

The Ministry of Justice has announced changes to Probate Fees from April 2019. Current Fees: £215. £155 if applying through a solicitor. No fee if Estate is valued at less than £5,000. New fees (subject to Parliament approval): Assessed value of Estate Fee £50,000 - £300,000 £250 £300,000 - £500,000 £750 £500,000 - £1M £2,500 £1M - £1.6M ...

Tax, IHT

The Office of Tax Simplification (OTS) has published the first of two reports on inheritance tax. The first report sets out an explanation of the issues and complexities of IHT, gives an overview of concerns raised by the public and professional advisors during the review and then makes recommendations. This first report examines the administrative issues that people complain ...

IHT, Tax

According to statistics published by HMRC more than 180,500 first-time buyers have benefitted from First Time Buyers Relief (FTBR). The relief introduced in November 2017 has saved eligible first-time buyers an estimated total amount of more than £426 million. Mel Stride MP, Financial Secretary to the Treasury, said: ‘These statistics show that the government was right to off ...

At the Budget, the Chancellor announced that increases to the personal allowance and basic rate band for 2019/20. The personal allowance is currently £11,850. The personal allowance for 2019/20 will be £12,500. Also for 2019/20, the basic rate band will be increased to £37,500 so that the threshold at which the 40% band applies is £50,000 for those who are entitled to the full ...

The Chancellor Philip Hammond presented his second Autumn Budget on Monday 29 October 2018. In his speech he stated that ‘austerity is coming to an end - but discipline will remain’. He also promised a ‘double deal dividend’ if the Brexit negotiations are successful but stated that there may be a full-scale Spring Budget in 2019 if not. You can find more information on the Bud ...

The Chancellor of the Exchequer, Philip Hammond, has announced that the Budget will take place on Monday 29 October. Breaking with the tradition of a Wednesday in November, perhaps in a bid to avoid the ongoing Brexit negotiations, the government is expected to set out its plans ‘to build a stronger, more prosperous economy, building on the recent Spring Statement and last yea ...