Capital gains tax: likely changes for 2020/21

Three potential changes to capital gains tax could have a significant impact on people who make profits from selling homes in 2020/21. This triple whammy will affect those who have a main residence and let it out, perhaps while working away or going through separation...

Requirement to correct offshore income and assets

It’s almost a year to the day since HMRC published a set of rules on income generated from overseas assets. The requirement to correct legislation required UK taxpayers to declare any foreign income or assets to the Revenue before 30 September 2018. From that point...

Residence for tax purposes UK

A number of our clients swap the UK for warmer climes, but their domestic tax liabilities do not end there. While it is accurate to say calculating tax affairs for these individuals is more complex, our residency service covers all the bases. If you are unsure of your...

Reducing inheritance tax by a deed of variation

It emerged last month that Labour party stalwart Tony Benn had taken careful steps to minimise the amount of inheritance tax (IHT) due on his estate when he died. Benn, who died in March this year, made use of what we accountants call a ‘deed of...