Articles in "Tax"

The 2023 Spring Budget introduced a number of key changes to pension legislation, and in particular changes to the Lifetime Allowance.

The Chancellor Jeremy Hunt announced in the November 2023 Budget that full expensing for capital allowances will be made permanent, with the aim to help boost business investment and increase global competitiveness.

The UK government has announced that they are going to issue a consultation on the use and effectiveness of Employee Ownership Trusts (EOTs). The focus seems to be ensuring these are primarily being used to incentivise employees.

In the Chancellor’s Autumn Statement on 17 November 2022, he announced that Capital Gains Tax (CGT) allowances will be reduced from April 2023 and then further reduced from April 2024.

We knew in advance of the Chancellor’s statement yesterday that he was going to stick with the increase in corporation tax from 19% to 25%, a move which will bring in an extra £17 billion a year to the Treasury. So, it was inevitable that he would feel he had to give a portion of that cash back to business to encourage investment.

From 1 April 2023, there will be a new financial year and as always this comes with a range of changes to the regime of tax applied to companies in the UK.

HMRC run various regimes whereby they target certain types of income, whether this be via enquiry, or to encourage voluntary disclosure.

Recently, some taxpayers have been receiving letters from HMRC suggesting they have received overseas income or gains that they ‘may’ need to pay UK tax on.