The Inheritance Tax residence nil rate band (RNRB) is a transferable allowance for married couples and civil partners (per person) when their main residence is passed down to a direct descendent such
Transfer of unused IHT nil rate band
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Duty free limits if you are travelling abroad
If you are travelling from outside the UK and arriving home in Great Britain (England, Wales and Scotland), you are allowed to bring back the following goods for your own use without any UK tax or
HMRC increases interest rates
The Bank of England’s Monetary Policy Committee (MPC) met on 21 June 2023 and voted 7-2 in favour of raising interest rates by 50 basis points to 5% to continue to tackle inflation. The 2 remaining
National Insurance credits
National Insurance credits can help qualifying applicants fill gaps in their National Insurance record. This can assist taxpayers to build up the number of qualifying years of National Insurance
Selling overseas property
As a general rule, if you are resident in the UK, you are liable to pay Capital Gains Tax (CGT) when you sell (or dispose of) an overseas property at a gain.
The annual exempt amount applicable to
Marriage Allowance how it works
The marriage allowance is available to married couples and those in a civil partnership where a spouse or civil partner does not pay tax or does not pay tax above the basic rate threshold for Income
Protecting intellectual property
Having the right type of intellectual property protection helps you stop people stealing or copying:
the names of your products or brands;
your inventions;
the design or look of your products;
Deadline to top-up NIC contributions extended
In certain circumstances it can be beneficial to make voluntary National Insurance Contributions (NICs) to increase your entitlement to benefits, including the State or New State Pension.
Usually,
HMRC’s Self-Assessment line summer closure
HMRC’s Self-Assessment helpline closed on 12 June 2023 and will re-open on 4 September 2023. This closure is part of a trial to direct Self-Assessment queries from the helpline to HMRC’s digital
Regulated businesses hit with Anti-Money Laundering fines
The Money Laundering Regulations (MLR) are designed to protect the UK financial system and put in place certain controls to prevent businesses being used for money laundering by criminals and
Capital Gains Tax Gift Hold-Over Relief
Gift Hold-Over Relief is a tax relief that results in a deferral of Capital Gains Tax (CGT). The relief can be claimed when assets are given away (including certain shares) or sold for less than they
Offshore taxpayers offered chance to come clean
HMRC is currently writing to UK residents who were named in the leaked Pandora Papers and offering them the chance to regularise their tax affairs. The letters are being sent to UK residents named in
VAT Exempt services
A business that incurs expenditure on taxable and exempt business activities is partially exempt for VAT purposes.
This means that the business is required to make an apportionment between the
New powers for charities
From 14 June 2023, the latest set of changes mandated by the Charities Acts 2022 came into force.
Changes now in place include simplified legal requirements that charities must comply with before
Effects of settlement legislation
The settlement legislation is intended to prevent an individual from gaining a tax advantage by diverting his or her income to another person who is liable at a lower rate of tax or is not liable to
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