Personal tax planning

17 July 2020

Capital Gains Tax – Take steps now to avoid a likely “tax grab”?

Chancellor  Rishi Sunak has asked the Office of Tax Simplification to review Capital Gains Tax (“CGT”). CGT is charged on the profit/increase in value on sale or gift of assets. The rates are 18%-28% on disposals of residential property and 10%-20% on other assets.  There’s an annual exemption of £12,300 per taxpayer. Disposal of your main residence is tax free and “Entrepreneurs Relief” may see the first £1million of the gain on the sale of a business charged to CGT at the lower rate of 10%.

Jim Sawer

26 March 2020

What a difference a day count makes: The implications of the Coronavirus pandemic on the UK tax status of non-domiciled individuals

International clients with a UK footprint often like a good spread sheet: specifically, a spread sheet covering their days spent in the UK and those spent overseas in the period 6 April to the following 5 April. This period is the UK tax year, and well-advised international clients – those considered neither resident nor domiciled in the UK - are all too aware that not keeping track of their UK day count may make them UK resident and within scope of UK income and capital gains tax on their worldwide income and gains. Numbers matter.

26 February 2020

Equal civil partnerships finally allow equal access to tax and inheritance perks

Legal recognition of relationships has dramatically changed in the UK and across most western countries. With an urge for equality and to recognise same-sex relationships, the government first introduced civil partnerships for same-sex couples in 2005 and subsequently same sex-couples could legally marry from 2014.

Sameena Munir

21 October 2019

Inheritance tax planning at the 11th hour

An increasing number of estates are falling into the range of Inheritance Tax (IHT); if IHT were ever the concern only of the ‘rich’, it certainly isn’t now.

Jim Sawer

4 April 2019

Inheritance Tax – are the very wealthy breathing a permanent sigh of 'relief'?

Both the Guardian and the Independent carried articles earlier this week centred on the statistic that the average rate of Inheritance tax (IHT) paid on the deaths of the very wealthy is 10% while the average rate on more 'modest' estates of between £2 million and £3 million was 20%.

Jim Sawer

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