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Tax Plus Blog

Autumn Statement 2016 - A few personal tax issues

Some of the bullet points of interest include: An increase in the personal allowance to £11,500, and the higher rate threshold to £45,000 from April 2017 A promise that the personal allowance is destined to rise to £12,500 and the higher rate threshold to £50,000 by the end of the current Parliament The withdrawal of...


Date: 25th November, 2016
Author: Martin Coulson

Autumn Statement 2016 - Financial Planning round-up

Several key changes will be introduced to the savings products available to individuals. I have outlined below the details of these updates and their impact. Individual Savings Accounts (ISAs) Every UK resident has an annual Individual Savings Account (ISA) subscription limit including children who can invest through Junior ISAs (JISAs) and...


Date: 25th November, 2016
Author: Michael Lapham

Autumn Statement 2016 - Benefits in kind

Many employees enjoy a range of benefits as part of their remuneration package. In some cases they are able to select which benefits they want to take in exchange for giving up part of their salary. This has traditionally resulted in savings in national insurance contributions for both parties and less tax for the employee. The tax position on...


Date: 25th November, 2016
Author: Gill Tallon

Update on the Annual Tax on Enveloped Dwellings (ATED)

As highlighted in Alison Palmer’s article within this Property Plus publication, we are already aware that the protection from UK IHT with the use of a non UK company to hold UK residential property will be removed. However it does trigger the need to question the overall costs versus the benefit of such a company. Where ATED is charged and...


Date: 17th June, 2016
Author: Liz Cuthbertson

How best to own a UK residential property for non-doms?

Individuals who are domiciled outside the UK will be aware that their exposure to UK Inheritance Tax (IHT) is limited to their UK assets. Any foreign assets owned by foreign domiciliaries remain outside the scope of UK IHT until the individual becomes deemed domiciled (broadly once they have been resident in the UK in more than 15 out of the...


Date: 17th June, 2016
Author: Alison Palmer

Gift of land to charity

Gifting land or buildings, say a buy-to-let residential or commercial property, to a charity in ones lifetime could be an attractive option to those who have earmarked a proportion of their estate for charity. It is worth remembering that following rules introduced in 2012, where an individual leaves at least 10% of their estate to charity...


Date: 17th June, 2016
Author: Lynsey Lord

Advantages of Furnished Holiday Lettings examined

Where a furnished rental property qualifies as a Furnished Holiday Let (FHL) some significant tax advantages are available.  We examine those along with the detailed conditions within this article. What type of properties qualify as FHLs? The current qualifying conditions are that the property must: be within the European Economic Area;...


Date: 17th June, 2016
Author: Chris Hadley

Making property simple: Consider insurance to fund Inheritance Tax bills?

Property forms a significant part of nearly everyone’s estate and for most it is considered their main asset. Against the backdrop of the nil-rate band on death remaining stubbornly low, and frozen until 5 April 2021, the tax take faced can be significant especially with prices continuing to rise faster than inflation. Given the illiquid...


Date: 17th June, 2016
Author: Iain Muffitt - Financial Adviser

The residence nil-rate band

The Summer Budget in July 2015 announced an enhanced nil-rate band to effectively exempt £1 million of assets from Inheritance Tax (IHT). The proposals have been around for a while and on the surface even sound quite simple, but we thought it would be worth considering them here because the detail is complicated! The enhancement is coming in...


Date: 17th June, 2016
Author: Daniel Bisby

Principal Private Residence relief: Where are we now?

PPR, also known as main residence relief, remains an important and worthwhile tax relief. For the majority of individuals, the family home is often the most valuable asset they will ever own. Where a family home has been occupied as an individuals only or main residence throughout ownership, PPR will fully exempt any profit on disposal from Capital...


Date: 17th June, 2016
Author: Charmain Alway

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