Category Archives: Uncategorized

One of the tax issues that the Conservative Party promised to legislate for, a promise they made during the recent election campaign, was the easing of the Inheritance Tax charge for home owners in the UK. The much publicised change was to take family homes of up to £1m out of Inheritance Tax charge completely. The Chancellor’s announcement last month Continue Reading

 There were a number of measures in the Summer Budget that will impact the taxation of property income. These include: the abolition of the 10% wear and tear allowance (see details below); the restriction of tax relief to the basic rate (20%) for loan interest on funds raised to purchase residential property for letting. This will be phased in over Continue Reading

 Some of the key changes that will impact small businesses in particular are set out below: Taxation of dividend income from April 2016. The present 10% dividend tax credit is being abolished from April 2016. In its place an annual dividend tax allowance of £5,000 is being introduced. Dividends received will be free of further charge to Income Tax up Continue Reading

 Legislation in Summer Finance Bill 2015 introduces a tapered reduction in the annual allowance from 6 April 2016, for those with an ‘adjusted income’ of over £150,000. The ‘adjusted income’ definition adds-back any pension contributions, to prevent individuals from avoiding the restriction by exchanging salary for employer contributions. To provide certainty for individuals with lower salaries who may have one Continue Reading