Personal tax

Tax / OTS details scope of IHT review

The Office of Tax Simplification (OTS) has published more details about its review of inheritance tax (IHT) which will look at ways of simplifying IHT from both a tax technical and an administrative standpoint

Tax / Parents urged to be cautious before applying for tax-free childcare

Anne Fairpo, chair of the Low Incomes Tax Reform Group (LITRG) is urging parents and carers to check their position before applying for tax-free childcare as they may find other benefits they currently receive are stopped or that other childcare schemes can offer more financial support

Tax / Shah: labyrinthine personal tax system needs complete overhaul

Nimesh Shah, partner at Blick Rothenberg, calls for radical reform of the hugely complex personal tax system, not just inheritance tax, from spikes and cliff edges in marginal tax rates to capital gains tax

Tax / HMRC ups the ante with requirement to correct tax rule

HMRC is ramping up its counter avoidance activity with a mission to target wealthy taxpayers, tough requirement to correct rules and threats of more criminal action against taxpayers, warns Dawn Register, partner in BDO’s tax dispute resolution team

Tax / Tax-free childcare scheme open to all parents of under-12s

HMRC has issued a reminder that from 14 February, all working parents with children under 12 can apply for up to £2,000 of childcare support per child, per year

Tax / Inheritance tax: time to reform overly complex rules

Inheritance tax may be paid by less than 5% of estates but it is a hugely complex system and now the Chancellor, Philip Hammond, has asked the Office of Tax Simplification (OTS) to come up with simplification proposals. Paul Morton, tax director and Daphna Jowell, IHT review team leader at the Office of Tax Simplification (OTS) consider key problem areas requiring reform

Tax / ICAEW offers Valentine's tax advice

With Valentine’s Day just two days away, the ICAEW has crunched the numbers to bring some practicality to romance, by pointing out the tax benefits of saying ‘I do’ to a marriage or civil partnership proposal on Wednesday

Tax / Gift Aid tax incentive delivers just 27p extra for every £1 spent

Gift Aid’s aim of encouraging higher-rate taxpayers to make larger charitable donations delivers just 27p more for every additional £1 spent on the tax incentive, and charities would get substantially higher donations if the value of the relief were given directly to them, according to the National Audit Office (NAO) and University of Birmingham tax centre

Tax / Personal savings allowance: top slicing dilemma

Lisa Macpherson, head of tax technical at PKF Francis Clark, considers the tax liabilities for savers using the personal savings allowance (PSA) and sheds light on the best approach as HMRC calculation rules do not exactly reflect the legislation

Tax / Majority unaware of inheritance tax limits

Confusion about the operation of inheritance tax (IHT) is growing, with over two thirds of those liable not knowing the threshold for the standard nil rate band of £325,000, according to a survey by Canada Life

Tax / Guidance issued on IHT deemed domicile rules

HMRC has published guidance on the new inheritance tax (IHT) deemed domicile rules which apply from 6 April 2017, and include changes to the number of years of residence needed in the UK for deemed domicile to apply and the addition of a new category

Tax / Fraudsters scam taxpayers with vishing calls to mobiles

The latest scam to hit taxpayers is a call to mobile phone numbers from fraudsters posing as HMRC officials requesting immediate payment of £500 in so-called vishing attacks

Tax / What happens if you miss the self assessment deadline

With the 31 January deadline to submit your self-assessment tax return for the year ended 5 April 2017 having come and gone, Blick Rothenberg personal tax assistant manager explains what you should do if you missed the deadline

Tax / HMRC publishes guidance on updated non dom rules

HMRC has released a raft of guidance in relation to non-doms, including updates to the deemed domicile rules and the remittance basis, plus information about cleansing mixed funds, which apply from 6 April 2017

Tax / Record 10.7m taxpayers file tax returns before deadline

The number of taxpayers who submitted their tax returns before the 31 January deadline hit 10.7 million, surpassing previous years records, with over 758,000 people cutting it fine and leaving it to the last minute to file