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Tax Plus Blog

Fall in the rate of CGT: Non-UK residential property

It is good news that the top rate of Capital Gains Tax (CGT) was reduced from 28% to 20% with the basic rate falling from 18% to 10% on disposals made on or after 6 April 2016.  However, the reduced rates do not apply to gains realised on residential property (that do not qualify for private residence relief).  Don’t forget that...

Date: 29th April, 2016   |   Author: Alice Steidl   |   Comments: 0

Budget 2016 CGT – shock reduction!

It has long been speculated that the rate of capital gains tax (CGT) might rise to close the gap between the rates of income tax and CGT. In a surprise announcement the top rate of CGT will reduce from 28% to 20% with the basic rate falling from 18% to 10% on gains. This will affect disposals made on or after 6 April 2016. It is...

Date: 17th March, 2016   |   Author: Gill Tallon   |   Comments: 0

Budget 2016 Stamp Duty Land Tax changes

Commercial Property The Stamp Duty Land Tax (SDLT) charged on purchases of non-residential properties and transactions involving a mixture of residential and non-residential properties is to change with effect from 17 March 2016 from the existing “slab” rate structure to a “slice” rate structure. This will bring it into...

Date: 17th March, 2016   |   Author: Chris Hadley   |   Comments: 0

Budget 2016 Some light relief for non doms

Whilst new legislation is due to come into effect after 5 April 2017, we are still waiting on much of the detail. We already know that non doms living in the UK will face significant changes. They will be deemed UK domiciled if they have been resident in the UK for 15 out of the past 20 years. Individuals with a UK domicile of origin, who have...

Date: 17th March, 2016   |   Author: Alice Steidl   |   Comments: 0

Budget 2016 Employment issues – “work in progress”

The Budget document highlights the Government’s concern that the varying types of remuneration coupled with the varying types of workers (e.g. individuals or companies) have created an unlevel playing field in the taxation of remuneration. Measures announced in the budget aim to treat the different forms of income in a similar way with the...

Date: 17th March, 2016   |   Author: Lynsey Lord   |   Comments: 0

Budget 2016 Estate Duty and IHT:Change to a rare conditional IHT and CGT exemption

The recent Budget announced a small change to the rules concerning tax relief for national heritage assets. Certain assets including some land and buildings and works of art can be exempt from both IHT and CGT when they pass to a new owner if they have national, scientific, historical or artistic interest.  This exemption is available...

Date: 17th March, 2016   |   Author: Daniel Bisby   |   Comments: 0

Budget 2016 Developments in UK property

The Government is continuing its focus on UK real estate and potential leakage of UK tax. It has identified that UK tax on some profits from trading in UK property is being avoided by developers using offshore structures in certain circumstances. As part of its strategy to ensure a level playing field for non-residents and UK residents,...

Date: 17th March, 2016   |   Author: Alison Palmer   |   Comments: 0

Budget 2016 Enjoy the savings of a lifetime – The new Lifetime ISA

The new Lifetime ISA will be available to those under the age of 40 on 6 April 2017. The maximum annual contribution limit will be £4,000 and investors will receive a 25% top-up to the amount contributed at the end of each tax year. This means that if the maximum sum of £4,000 is paid in, the government will pay a top-up of...

Date: 17th March, 2016   |   Author: Michael Lapham   |   Comments: 0

Dividend changes - Autumn Statement

It was announced in the Summer Budget that there would be a significant change to the way in which dividends are taxed from April 2016.  In addition to the introduction of a new Dividend Allowance, the notional 10% tax credit will no longer attach to dividends, thereby eliminating the requirement to gross up dividend income in an...

Date: 26th November, 2015   |   Author: Alison Palmer   |   Comments: 0

Pension: Auto Enrolment - Autumn Statement

The increase in auto enrolment contribution rates due to be implemented in October 2017 and 2018 are to be deferred for six months to align them with the tax year. The minimum required levels of contribution can be summarised as follows:   Minimum contributions   Employer Total To April 2018...

Date: 26th November, 2015   |   Author: Michael Lapham   |   Comments: 0

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