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Will Inheritance Tax Be Simplified

An announcement to listen out for in the Spring 2020 Budget is whether the Chancellor acts on the recommendations of the Office of Tax Simplification (OTS) regarding inheritance tax (IHT). As reported in a previous article, the OTS suggested simplifying IHT on lifetime gifts including reducing the period of potential exemption from 7 to 5 […]

Read more February 10th, 2020

Time To Sell Property Before 6 April 2020?

If the draft legislation issued for consultation last year is enacted in the next Finance Act there will be important changes to private residence relief for disposals after 5 April 2020. Firstly, the exemption for the final period of ownership will be reduced from 18 months to 9 months. This applies where a former main […]

Read more February 10th, 2020

Possible U-Turn On Pensions For High Earners?

There have been many stories in the press about GPs and senior hospital doctors refusing to take on extra shifts and additional responsibilities due to the additional tax they are required to pay on the extra pension contributions paid by the NHS. A number of solutions have been put forward. There are now strong rumours […]

Read more February 10th, 2020

Changes To Disguised Remuneration Loan Charge

The independent loan charge review, conducted by Sir Amyas Morse, was published on 20 December, having been delayed due to the general election. The loan charge was introduced to collect tax from individuals who had benefited from schemes devised to avoid PAYE and National Insurance. The date that the loan was made to the individual […]

Read more February 10th, 2020

Review Of Off-Payroll Working Rules

In January the Government launched a four-week review of the changes to IR35 “off-payroll” working rules scheduled to come into force in April, as the result of mounting criticism about the way they will operate. The review is scheduled to conclude by mid-February and will see the Government hold a series of meetings with stakeholders […]

Read more February 10th, 2020

Budget Day Is 11 March

The December General Election meant that the Autumn Budget was delayed. We now know that Sajid Javed will deliver his first Budget on the second Wednesday in March which is when Budget day used to be! We are expecting that the tax measures in the Conservative Party manifesto will be announced again, together with confirmation […]

Read more February 10th, 2020