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Personal tax

Expert commentary and practical guidance from ICAEW related to personal taxation, covering areas including: capital gains tax, income tax, inheritance tax, pensions, residence and domicile, savings and investments and trusts.

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Exclusive
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.
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Exclusive
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.
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Capital gains tax

HMRC provides further guidance on FHL abolition
  • Article
  • 12 Nov 2024
HMRC has published guidance to clarify issues raised during the consultation on the draft legislation to abolish tax rules for furnished holiday lets (FHLs).
Exclusive Furnished holiday let reform – the last gasp from the March 2024 Budget!
  • Article
  • 07 Nov 2024
The recently published details of forthcoming reforms to the tax treatment of Furnished Holiday Lettings (FHL) income, which were initially announced in the 2024 Budget but omitted from the Finance Bill, signal significant changes effective from the end of the 2024/5 tax year. These reforms, which were announced on 30 July, were confirmed as part of the 2024 Budget package.
Technical round-up: October 2024
  • Article
  • 31 Oct 2024
This month’s top stories feature eight Budget updates covered by ICAEW’s Tax Faculty, a list of software products that are now ready for MTD ITSA, and new VAT guidance for private schools.
Budget 2024 verdict: big and bold, but borne by business
  • Article
  • 31 Oct 2024
Chancellor Rachel Reeves focused on delivering economic stability with her wide-ranging first Budget – but short-term tax raising measures worth £40bn fall primarily on the shoulders of business.
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Income tax

Tax news in brief 20 November 2024
  • Article
  • 19 Nov 2024
Highlights from the broader tax news for the week ending 20 November 2024, including: an update on MTD ITSA; suggestions for HMRC on how to reduce the tax gap; and legislation to enact the changes to business rates announced at the Autumn Budget 2024.
Request overlap information from HMRC by 31 December
  • Article
  • 18 Nov 2024
Taxpayers and agents needing to use HMRC’s online service to obtain overlap relief details for 2023/24 income tax self assessment tax returns are asked to do so by 31 December 2024.
Government and developers commit to MTD ITSA from 2026
  • Article
  • 12 Nov 2024
Recent announcements by the government and software developers remove any doubt about the introduction of making tax digital income tax self assessment (MTD ITSA).
Tax news in brief 06 November 2024
  • Article
  • 05 Nov 2024
Highlights from the broader tax news for the week ending 6 November 2024, including: a new online service for some PAYE claims for employment expenses; guidance from HMRC ahead of the tax return deadline; and a new way for agents to access HMRC’s guidance.
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Inheritance tax

Exclusive Further thoughts on the Halloween Budget
  • Article
  • 06 Nov 2024
Now that the dust has settled, at least temporarily, on the Autumn Budget, it is worth looking at the implications for those taxpayers who are likely to be affected.
Technical round-up: October 2024
  • Article
  • 31 Oct 2024
This month’s top stories feature eight Budget updates covered by ICAEW’s Tax Faculty, a list of software products that are now ready for MTD ITSA, and new VAT guidance for private schools.
ICAEW welcomes increased funds for HMRC in Autumn Budget
  • Article
  • 30 Oct 2024
HMRC has received additional investment, with its budget for 2024/25 increasing from £4.7bn to £5.2bn, and its initial budget for 2025/26 set at £5.8bn. However, HMRC is expected to make savings of £107m in 2025/26 from continuous improvement.
Autumn Budget makes significant changes to inheritance tax
  • Article
  • 30 Oct 2024
The government has announced that the inheritance tax (IHT) nil rate band will be fixed for a further two years, business property relief (BPR) and agricultural property relief (APR) will be reformed and the exemption for pensions will be removed.
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Pensions

Chart of the week: Economic outlook
  • Article
  • 07 Nov 2024
Our chart this week looks at how the OBR is forecasting growth in economic activity per person of 1.1% a year between 2024 and 2030. While better than the average of 0.3% a year achieved over the past 16 years, it is significantly lower than the 2.3% a year seen in the 50 years before that.
Exclusive UK pension reform and investment in real estate
  • Article
  • 31 Oct 2024
As has been covered in previous articles and webinars for the Construction & Real Estate Community, UK institutional capital has been undergoing a period of dramatic change. This is of huge significance to the real estate industry as UK defined benefit (DB) pension schemes and life insurers have historically been major investors in real estate as an asset class. Regulatory, demographic and other pressures have been driving a shift over decades, which has had a major knock-on impact on investment in illiquid asset classes, including real estate.
Chart of the week: Autumn Budget 2024
  • Article
  • 31 Oct 2024
Our chart this week looks at how the fiscal baseline inherited by the Chancellor has changed as a consequence of the Autumn Budget, with higher capital investment driving up borrowing needed to fund the deficit over the next five years.
Chart of the week: pre-Budget fiscal baseline
  • Article
  • 24 Oct 2024
Our chart this week looks at the fiscal baseline inherited by the Chancellor ahead of her first Budget next week.
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Property tax

Inside local government budgets: spending
  • Article
  • 22 Nov 2024
In the second of two articles exploring the work of local authority finance teams, ICAEW takes a look at how councils are spending their funds.
Inside local government budgets: finance teams and funding
  • Article
  • 22 Nov 2024
Councils deliver a host of critical services to local communities, while under increasing scrutiny of their finances. ICAEW examines the work of local authority finance teams and explains how income is raised.
How to ensure colleagues understand financial information
  • Article
  • 19 Nov 2024
With local government budgets under pressure and more councils adopting commercialisation strategies, key stakeholders must have a strong grasp of financial information to aid sound decision-making.
Tax news in brief 20 November 2024
  • Article
  • 19 Nov 2024
Highlights from the broader tax news for the week ending 20 November 2024, including: an update on MTD ITSA; suggestions for HMRC on how to reduce the tax gap; and legislation to enact the changes to business rates announced at the Autumn Budget 2024.
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Residence and domicile

Budget updates on manifesto commitments
  • Article
  • 30 Oct 2024
The government has provided updates on some of the key measures included in the Labour Party’s general election manifesto, including the taxation of “non-doms” and charging VAT on services provided by private schools.
Panel supports UK re-domiciliation regime
  • Article
  • 14 Oct 2024
The panel set up by the previous government to explore a possible UK re-domiciliation regime has outlined how the regime could work and the tax, accounting and insolvency legislation that may be needed.
Exclusive Cryptoassets: international tax issues
  • Article
  • 03 Oct 2024
In the second of a series of articles on cryptoassets, members of ICAEW’s digital assets working party explain the key international tax considerations for individuals holding cryptoassets and for cryptoasset businesses.
Non-doms asked to check 2022/23 tax returns
  • Article
  • 30 Sep 2024
HMRC is asking individuals who are not UK-domiciled (non-doms) and are long-term UK residents to check if they should have paid the remittance basis charge for 2022/23.
Economy explainers: what is the non-dom regime?
  • Article
  • 12 Sep 2024
The Labour government has pledged to deliver on the previous administration’s commitment to abolish the tax rules for non-UK domiciled individuals. ICAEW experts explain what makes someone a non-dom, and why it matters.
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.
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Savings and investments

EIS and VCT scheme extended by 10 years
  • Article
  • 09 Sep 2024
Shares issued before 6 April 2035 will qualify for relief under the enterprise investment scheme (EIS) and the venture capital trust (VCT) scheme if all other conditions are met.
Claims for investors’ relief may not be valid
  • Article
  • 09 Aug 2024
HMRC is writing to taxpayers who claimed for investors’ relief on their 2022/23 income tax self assessment (ITSA) return and do not appear to meet the conditions for the relief.
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.
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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.
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