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Tax Plus Blog

Maximising tax relief on your pension

There has been much speculation about restricting tax relief on pension contributions for top rate taxpayers. This has now been addressed by applying a significant reduction to the annual amount that they will be able to pay into a pension. Tapered Annual Allowance With effect from 6 April 2016, the Annual Allowance of £40,000 will be...

Date: 8th July, 2015   |   Author: Gill Tallon   |   Comments: 0

Buy-to-let investors - tax changes ahead

Buy-to-let investment in property has been a popular choice now for many years among both UK residents and non UK residents. Rising capital values have produced capital appreciation whilst the rental profits have also been reduced for UK tax purposes by deducting mortgage interest in arriving at the taxable profit. For a higher or top rate...

Date: 8th July, 2015   |   Author: Liz Cuthbertson   |   Comments: 0

Doomed doms? The impact of changes for non doms

We had expected some changes in this area but were surprised by what was announced.  There are some disappointing points which will come in from April 2017 but, although change is rarely welcome, there are pluses.  The main advantage will be one of simplicity!  We have plenty of time to understand the new rules and help our clients...

Date: 8th July, 2015   |   Author: Lisa Spearman   |   Comments: 0

Inheritance Tax – new main residence transferable nil-rate band

Background In recent years, property prices have risen far more quickly than the Inheritance Tax (IHT) nil-rate band. As a result the number of estates subject to IHT has been increasing rapidly.  This is contrary to the aim of the current government that only the wealthiest estates should be subject to IHT. The measures announced in the...

Date: 8th July, 2015   |   Author: Daniel Bisby   |   Comments: 1

UK Tax Position on US LLCs

Historically there has been a total mismatch between the UK and the USA on the tax treatment of US LLCs.   In the USA tax transparent with members being taxed on profits arising and so being required to register under the USA tax system In the UK taxed as a company with members being taxed on profits withdrawn as if dividends but with no...

Date: 1st July, 2015   |   Author: Cathy Corns   |   Comments: 0

Summer Budget 2015 predictions

Whilst we know the Summer Budget 2015 will include provisions to prevent any rise in the rates of income tax or VAT until 2020, there is no such promise for any other taxes.  Changes could well be announced for CGT, IHT, corporation tax, SDLT or ATED.  We may also see generous reliefs reduced.  Either way, to help tackle the budget...

Date: 16th June, 2015   |   Author: Helen Price   |   Comments: 0

Commercial Property and Pensions

The tax efficiencies offered through pension schemes make the option to hold business premises within them far more attractive than often thought. Over the years pension schemes have received their fair share of criticism. The reasons for this are varied but often come down to one or a combination of the following – (1) a feeling that at...

Date: 12th May, 2015   |   Author: Michael Lapham   |   Comments: 0

Holiday Homes in Europe

Good news for the villa in the South of France! For clients owning property in Continental Europe, there has always been the problem of what happens to the property on the owner’s death, which can be further compounded by tax issues. Most European countries such as France, Spain and Italy operate ‘forced heirship’ rules so that...

Date: 7th May, 2015   |   Author: Lisa Spearman   |   Comments: 0

International Aspects

High value property in prime parts of London has long been a desirable asset of the wealthy non UK domiciled individual, whether that person is resident in the UK or not. Most individuals want to know from the outset how best they should own their UK property whether that is a residential property for their personal use or an investment property....

Date: 7th May, 2015   |   Author: Liz Cuthbertson   |   Comments: 0

Mercer & Hole’s comment: Now What for Non Doms?

Yesterday’s speech by Ed Miliband has certainly ruffled some feathers and produced a high level of media coverage. The media tends to oversimplify matters and it is not so easy to be regarded as non UK domiciled as they may portray. HMRC is more rigorous in determining whether an individual has become UK domiciled than they have been in the...

Date: 9th April, 2015   |   Author: Lisa Spearman   |   Comments: 0

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