Uncertainties removed on two key personal taxes
The future of two personal taxes – inheritance and capital gains – has been clarified, with no major changes to be made to either, so now you have no excuse to delay estate and CGT planning.
The future of two personal taxes – inheritance and capital gains – has been clarified, with no major changes to be made to either, so now you have no excuse to delay estate and CGT planning.
With Christmas and New Year now over, it’s time to think about tax year-end planning.
The first Autumn Budget in three years – and the Chancellor’s third in less than 20 months – featured no significant increases in tax, but it’s never too early to start thinking about your year-end tax planning.
Now is the time to start planning ahead for the 2021/22 tax year.
The pandemic has played havoc with government borrowing and overall debt. The potential knock-on for taxes long term means it may be a good time for judicious tax panning.
Is it fair that some high earners pay less tax than those on far less income? The Alternative Minimum Tax could address the inequalities and raise revenue for the Treasury.
The next Budget could affect pensions, capital gains tax & ISAs. Make sure your year end tax planning is complete before they are announced.
There is more time to capitalise on opportunities for early year end tax planning and VCTs are launching their fund-raising efforts now.
HMRC’s tax yield from cracking down on compliance infractions has boosted its coffers by over £34bn, but there are still many legal ways to save tax.