Exclusive
Read more
Guidance
MTD for individuals
MTD for individuals is centred around the Personal Tax Account (PTA) which already has many of the services needed by PAYE taxpayers. HMRC continues to improve and develop the PTA.
Exclusive
Read more
Taxline
Practical points: personal tax January 2024
Every month, the Tax Faculty publishes short, practical pieces of guidance to help agents and practitioners in their day-to-day work. This month covers capital gains tax; income tax; and residence and domicile.
Capital gains tax
Exclusive
CGT on residential properties – an update
- Article
- 03 Jul 2024
More taxpayers will find themselves caught in the capital gains tax net due to reductions in the tax-free amount. Gillian Banks looks at the demands of 60-day reporting and provides an update on recent developments relating to principal private residence relief.
Exclusive
Working out the date of disposal isn’t always child’s play
- Article
- 30 Apr 2024
How do you determine when an asset was sold when there is no formal documentation? Stephen Relf looks at a recent tax case where the First-tier Tribunal had to do just that.
Consider using the real-time CGT service to report gains
- Article
- 23 Apr 2024
ICAEW’s Tax Faculty is reminding taxpayers that HMRC's real-time service can be used to report capital gains outside of self assessment, including gains on cryptoassets.
Tax news in brief 17 April 2024
- Article
- 16 Apr 2024
Highlights from the broader tax news for the week ending 17 April 2024, including: how Labour intends to close the tax gap; a change to the form for reporting a residential property gain; and new HMRC guidance for employers on giving foreign tax relief.
Income tax
Don’t forget the 31 July payment on account deadline, warns ICAEW
- Article
- 03 Jul 2024
The second payment on account towards income tax self assessment (ITSA) liabilities and class 4 national insurance contributions (NIC) for 2023/24 is due by 31 July 2024.
More taxpayers means more demand on HMRC, says ICAEW
- Article
- 02 Jul 2024
HMRC estimates that 37.4m people will pay income tax in 2024/25, up by 1.2m on 2023/24 and 4.4m on 2021/22, when the tax-free personal allowance was frozen.
Exclusive
How to prepare for mandatory payrolling of benefits in kind
- Article
- 06 Jun 2024
HMRC has announced that employers must payroll benefits in kind from April 2026. In this article, Michael Nicolaides and Kym Wise consider what we do and do not know about HMRC’s plans, and how employers can begin to prepare for the changes.
Tax news in brief 29 May 2024
- Article
- 29 May 2024
Highlights from the broader tax news for the week ending 29 May 2024, including: new advisory fuel rates; an issue affecting non-resident companies filing tax returns; and an update on refunds of voluntary Class 2 NIC.
Inheritance tax
Exclusive
Butler & Others v HMRC [2023]
- Article
- 17 Jul 2024
The result of a recent First Tier Tribunal case on a failed claim for 100% Business Property Relief (BPR) on an interest in a Limited Liability Partnership (LLP) which ran a wedding business will be of interest to members and rural businesses alike.
Exclusive
Clarity on the tax treatment of land held in environmental schemes
- Article
- 05 Apr 2024
It seems a long time ago that the consultation on the taxation of environmental land management schemes was launched. The consultation period ended in June and, after what must have been considerable contemplation, a response was issued within the appendices to the March 2024 Budget.
New guidance on applying for help with paying IHT
- Article
- 02 Apr 2024
HMRC has published guidance on applying for a grant on credit and on recent updates to tax rules and processes relevant to trusts and estates.
Tax news in brief 24 January 2024
- Article
- 23 Jan 2024
Highlights from the broader tax news for the week ending 24 January 2024, including: time to pay arrangements; preparing for changes on moving goods from Ireland to Great Britain; HMRC research on VAT penalty reform; insolvency guidance on operating PAYE; and updates to the process for applying for probate.
Watch a Tax Faculty webinar
Webinars and videos have been designed by the Tax Faculty to provide practical guidance to practitioners on important developments to tax practice and policy.
You can register for Tax Faculty webinars by visiting our events page.
Register now You can register for Tax Faculty webinars by visiting our events page.
Pensions
Data, skills and building trust: what’s in the King’s speech?
- Article
- 18 Jul 2024
A bumper King’s speech marked the state opening of parliament, containing 40 bills. These are the most relevant for business.
HMRC publishes over 100 FAQs on lifetime allowance abolition
- Article
- 29 Apr 2024
HMRC has published an update for pension scheme administrators on a range of issues, including the abolition of the lifetime allowance (LTA).
HMRC publishes extra guidance on lifetime allowance abolition
- Article
- 09 Apr 2024
HMRC has published additional guidance for pension scheme administrators on a range of issues, including the abolition of the lifetime allowance.
Exclusive
Ways to tackle tax threshold unfairness
- Article
- 04 Apr 2024
Patricia Mock and Sally Campbell, co-authors with Bill Dodwell of a recent Tax Law Review Committee discussion paper, consider a range of principles to help inform future tax policy.
Property tax
Exclusive
Butler & Others v HMRC [2023]
- Article
- 17 Jul 2024
The result of a recent First Tier Tribunal case on a failed claim for 100% Business Property Relief (BPR) on an interest in a Limited Liability Partnership (LLP) which ran a wedding business will be of interest to members and rural businesses alike.
Tax news in brief 17 July 2024
- Article
- 17 Jul 2024
Highlights from the broader tax news for the week ending 17 July 2024, including: details of the Treasury’s new ministerial team; a change to the rules for land transaction tax; and a new VAT tool from HMRC.
Audit reform, local audit and business rates: ICAEW’s priorities for Labour
- Article
- 05 Jul 2024
With a clear mandate to govern, Sir Keir Starmer’s Labour party must take swift action to encourage growth and investment, says ICAEW.
Exclusive
CGT on residential properties – an update
- Article
- 03 Jul 2024
More taxpayers will find themselves caught in the capital gains tax net due to reductions in the tax-free amount. Gillian Banks looks at the demands of 60-day reporting and provides an update on recent developments relating to principal private residence relief.
Residence and domicile
Tax news in brief 01 May 2024
- Article
- 30 Apr 2024
Highlights from the broader tax news for the week ending 1 May 2024, including: an opportunity to give your thoughts on the non-dom changes; new legislation affecting building societies and individuals involved in the UEFA Champions League final; and changes to HMRC’s guidance for tour operators.
Saqib Bhatti MP: digital identity verification on way
- Article
- 29 Apr 2024
Following ICAEW’s Manifesto call for the UK to develop the skills to lead on AI, Saqib Bhatti MP discussed the government’s technology priorities in a conversation with CEO Alan Vallance.
ICAEW technical updates: March 2024
- Article
- 26 Mar 2024
This month’s top stories include Spring Budget announcements, HMRC halting the decision to restrict helplines, and more guidance on the lifetime allowance abolition.
Draft legislation published for some Spring Budget 2024 measures
- Article
- 18 Mar 2024
The Spring Finance Bill contains legislation which increases the thresholds for the high income child benefit charge and abolishes multiple dwellings relief for SDLT.
Non-dom regime replaced by foreign income and gains regime
- Article
- 06 Mar 2024
In the Spring Budget, the Chancellor announced that the current remittance basis of taxation will be abolished for UK resident non-domiciled individuals from 6 April 2025 and replaced by a new four-year foreign income and gains (FIG) regime.
A pre-election Budget lacking in rabbits or hats
- Article
- 06 Mar 2024
An extension of full expensing to leases is welcome news for businesses in a Budget that delivers nothing unexpected.
Savings and investments
Career paths: Millie Counsell, LAVA Advisory Partners
- Article
- 09 Jul 2024
A brave career decision after graduating during COVID-19 lockdowns is now paying dividends for Millie Counsell’s progress at LAVA Advisory Partners, she says.
Insider dealing: August Equity’s MBO of StarTraq
- Article
- 10 May 2024
Carefully studying the opportunity in a niche sector has paid dividends for August Equity in the past. Investment partner Mickey Patel discusses the firm’s latest move into public sector software-as-a-service.
Employers, directors and shareholders to give HMRC more information
- Article
- 19 Mar 2024
Draft regulations require employers to provide more details of employees’ hours to HMRC. Additionally, shareholders will need to provide details of close company shareholdings and dividends.
HMRC prompts disclosure of dividend income
- Article
- 05 Feb 2024
HMRC has written to company owners who it believes may have failed to declare dividend income.
Trusts
ICAEW supports reform of the trust registration service
- Article
- 26 Jun 2024
Having a de minimis level for registration should benefit small trusts that do not fit any of the existing exemptions, but only if the proposed de minimis criteria are appropriate.
Tax news in brief 29 May 2024
- Article
- 29 May 2024
Highlights from the broader tax news for the week ending 29 May 2024, including: new advisory fuel rates; an issue affecting non-resident companies filing tax returns; and an update on refunds of voluntary Class 2 NIC.
Exclusive
Practical points: personal tax May 2024
- Helpsheets and support
- 01 May 2024
Every month, the Tax Faculty publishes short, practical pieces of guidance to help agents and practitioners in their day-to-day work. This month covers capital gains tax; income tax; and trusts.
Capital gains tax: Treaty residence, trusts and unpublished decisions
- Helpsheets and support
- 04 Apr 2024
The Upper Tribunal has dismissed the taxpayers’ appeal in the capital gains tax case Haworth and others v HMRC. The case involved the use of a ‘round the world’ scheme, involving overseas family trusts...
New guidance on applying for help with paying IHT
- Article
- 02 Apr 2024
HMRC has published guidance on applying for a grant on credit and on recent updates to tax rules and processes relevant to trusts and estates.
Trust transparency measures ‘need more thought’
- Article
- 26 Feb 2024
ICAEW urges the government to rethink its approach on improving transparency for land-holding trusts.
Exclusive
Changes to the rules for low-income trusts and estates
- Article
- 02 Feb 2024
Mei Lim Cooper looks at some of the useful changes made by Finance (No. 2) Act 2023 to simplify the rules for trusts and estates. Most of the measures take effect from 6 April 2024.
Trusts – their use in Personal Financial Planning
- Article
- 23 Jan 2024
An explanation of the role of trusts in personal financial planning.
Looking for support?
Faculty exclusive
TAXconnect
TAXconnect works on a telephone ‘hotline’ system, whereby consultants offer advice to Tax Faculty members on a range of tax problems for a nominal fee.
Search the directoryLibrary & Information Service
Can't find what you're looking for?
The ICAEW Library can give you the right information from trustworthy, professional sources that aren't freely available online. Contact us for expert help with your enquiries and research.