Expected changes to have a significant impact for UK resident taxpayers!

Significant changes to capital gains tax for UK resident tax payers on the disposal of UK residential property have been announced.  They take effect from 6 April 2020 and will have a substantial impact for:

With the UK Government and HMRC continuing to take a robust approach to tax investigation, with a view to collecting significant additional tax revenue, HMRC’s powers to inspect and request information and documents about your personal financial affairs and business interests have never been greater.

As the UK tax year draws to a close, as a resident foreigner, it’s a good time to review your tax residence status to ensure you’ve met and will continue to meet the requirements of the Statutory Residence Test (SRT) as part of your tax planning.  In this post, we consider the main provisions of the SRT as well as reviewing whether the ‘deemed domicile’ and ‘remittance basis’ provisions apply to you.

As part of your tax planning, your business may be able to take advantage of a number of tax reliefs and allowances. In this latest post in our series on end of year tax planning, we look at some of the main schemes that you may wish to consider. 

As the end of the tax year creeps ever nearer, it’s a good time for entrepreneurs and businesses to review your approach to profit extraction. As the next blog in our end of year tax planning series, we review some of the main points for your consideration. 

The UK tax system is designed to promote savings and investment and so at this time of year, and as part of our ongoing series of posts about end of year tax planning, it is worth remembering the various and most tax efficient savings vehicles available to you.

Inheritance tax planning is normally considered on a long term basis – both in the context of lifetime giving and the arrangements to be made in your Will, but as we approach the end of the tax year, now is an ideal time to review your plans and financial arrangements.

As the second blog in our end of year tax planning series, in this post, we take a look at the different rates of capital gains tax (CGT), how to take full advantage of your and your partner’s allowance and other CGT implications you need to consider before the end of the tax year. 

As the end of the tax year approaches, it is worth taking the time to ensure you have taken advantage of all the reliefs and exemptions available to your circumstances and made the most of any tax planning opportunities.