Tax traps: gifting cash for a property purchase for children This explains how the hugely complex pre-owned asset tax (POAT) can catch out parents who gift cash to fund a property purchase for children and later live in the property After Chancellor Rachel Reeves announced her first Budget to parliament, much of the debate that

Final summary of all the changes implemented in the Autumn budget. Download and keep the complete document here, please feel free to share with anyone to whom it may be of interest and value. DOWNLOAD

Current remittance basis rules for non doms will be abolished from 6 April 2025 and switched to a ‘system based on tax residence’ The Chancellor acted on plans to end the current ‘loophole’ tax regime for non doms with the introduction of inheritance tax on worldwide assets after 10-year period in the UK as a

The Chancellor is to give HMRC £1.6bn to hire compliance and debt management staff, raising an additional £4.7bn in 2029-30 With the tax gap standing at £39.8bn, extra funding is being allocated to HMRC to combat this, recruiting 5,000 additional compliance officers over five years, as well as 1,800 debt management officer. The recruitment will

Budget 2024: pensions will be charged inheritance tax -Pension pots will be brought into inheritance tax (IHT) for the first time, removing some very favourable tax planning options from 2027 Chancellor Rachel Reeves confirmed at the Budget that pensions would come under the tax to ‘make the inheritance tax system fairer’.   This will remove

The Chancellor has not wasted anytime increasing stamp duty for second home owners with the higher rate of 5% in force from 31 October 2024 The current 3% stamp duty land tax (SDLT) will increased to 5% from 31 October 2024 on purchases of second homes, buy-to-let properties and companies buying residential property.   On

Business owner faces a gradual reduction in the capital gains tax breaks on business asset disposal relief (BADR) but it survives another day The rate for business asset disposal relief (BADR) and investors' relief will increase 4% from the current 10% to a standard rate of 14% from 6 April 2025 before increasing again the

Budget 2024: employers national insurance up 1.2% - In a tax raising Budget, the Chancellor Rachel Reeves increased employers’ national insurance by 1.2% to 15% from April 2025 In addition, the secondary threshold will be cut from £9,100 to £5,000 which will see higher payments for employers as more staff become liable for NI payments.

Budget 2024: immediate hike in CGT rates - The lower and higher rates of capital gains tax (CGT) will be increased from 30 October 2024 which could lead to a mass sale of assets and a huge increase in tax receipts Less than 1% of adults in the UK contribute to CGT, with £572m being