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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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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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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 will not accept some in-year trust and estate tax returns
  • Article
  • 11 Feb 2025
Due to the change in the rate of capital gains tax (CGT) from 30 October 2024, trustees and personal representatives (PRs) may need to wait until after the end of the tax year to submit 2024/25 tax returns.
Exclusive EIS: Stuck in the mud?
  • Article
  • 06 Feb 2025
Stuart Rogers and Kate Culley highlight issues with HMRC’s current approach to reviewing applications for enterprise investment scheme advance assurance.
Exclusive Investors’ relief: stepping out of the shadows
  • Article
  • 06 Feb 2025
Although not as well known as business asset disposal relief, investors’ relief is just as generous and just as challenging. Stephen Relf and Katherine Ford explain why.
Taxing cryptoassets: what you need to know
  • Article
  • 21 Jan 2025
While there is currently no such thing as a ‘crypto tax’, this does not mean that tax does not apply to these intangible (and mysterious) assets. We look at how the tax rules apply to cryptoassets.
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Income tax

Business tax compliance costs £15bn a year
  • Article
  • 10 Feb 2025
In its latest report, the National Audit Office (NAO) explores the costs for businesses in meeting their tax obligations and for HMRC in administering the tax system. It reveals UK businesses incur costs of at least £15.4bn each year.
Over one million taxpayers may face £100 penalty
  • Article
  • 04 Feb 2025
HMRC estimates that 1.1 million taxpayers missed the 31 January 2025 deadline for filing their 2023/24 tax return. ICAEW explains the penalties, and why late filers should consider whether an easement applies, or if they have grounds to appeal.
Tests for carried interest multiplier need more thought, says ICAEW
  • Article
  • 04 Feb 2025
ICAEW has encouraged the government to ensure that any changes to the rules for taxing carried interest do not add complexity and do not affect the UK’s attractiveness as a place to live, work and invest in the private equity (PE) sector.
Testing MTD for income tax: an accountant’s perspective
  • Article
  • 31 Jan 2025
While submitting quarterly updates is “smooth and straightforward”, HMRC must resolve the disconnect between that process and the annual return, says Aaron Patrick of Boffix.
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Inheritance tax

Member Insights: January 2025
  • Article
  • 30 Jan 2025
The effects of the Autumn Budget measures are trickling through and driving a slump in business confidence, resulting in a muted appetite for investment.
ICAEW’s view on plans to charge IHT on pensions
  • Article
  • 27 Jan 2025
ICAEW is concerned that the proposed processes for bringing more pensions within the scope of inheritance tax (IHT) will cause delays in payouts to beneficiaries and place a significant administrative burden on pension scheme administrators (PSAs).
Member Insights: October/November 2024
  • Article
  • 28 Nov 2024
The Autumn Budget met with much criticism by members, with the impact of employers’ national insurance and the national living wage dominating feedback. Meanwhile, announcements on business rates and incentives for growth were conspicuous by their absence.
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.
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Pensions

Tax news in brief 29 January 2025
  • Article
  • 28 Jan 2025
Highlights from the broader tax news for the week ending 29 January 2025, including: an update on Finance Bill 2024-25; new HMRC guidance on labour supply chain assurance; and notification of a one-to-many campaign from HMRC.
How agents can help with McCloud tax changes
  • Article
  • 03 Dec 2024
ICAEW explains how agents can make use of HMRC’s online service to correct the tax position of a client affected by the public service pensions remedy (also known as McCloud).
Tax news in brief 16 October 2024
  • Article
  • 15 Oct 2024
Highlights from the broader tax news for the week ending 16 October 2024, including: an update on the new independent film tax credit; HMRC encourages taxpayers to look online for information; and a HMRC one-to-many campaign relating to 2022/23 tax returns.
Tax news in brief 21 August 2024
  • Article
  • 20 Aug 2024
Highlights from the broader tax news for the two weeks ending 21 August 2024, including updates on: requesting overlap relief information from HMRC; the abolition of land transaction tax multiple dwellings relief; and further changes to the legislation providing for the abolition of the pensions lifetime allowance.
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Property tax

HMRC will not accept some in-year trust and estate tax returns
  • Article
  • 11 Feb 2025
Due to the change in the rate of capital gains tax (CGT) from 30 October 2024, trustees and personal representatives (PRs) may need to wait until after the end of the tax year to submit 2024/25 tax returns.
HMRC contacts companies owning residential property
  • Article
  • 31 Jan 2025
HMRC is writing to companies that may need to disclose liabilities to the annual tax on enveloped dwellings (ATED), possibly because they have relied on a relief that is not due.
Technical round-up: January 2025
  • Article
  • 30 Jan 2025
This month’s top stories feature Parliament accusing HMRC of damaging trust in the tax system; a warning to not respond to a fraudulent agent services text message; and more from the How to fix VAT campaign.
Update on making tax digital and jointly owned property
  • Article
  • 21 Jan 2025
HMRC has made changes to the making tax digital income tax (MTD IT) notices, mainly relating to income from property. The current self assessment reporting relaxation for joint property will not be available to those in MTD IT.
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Residence and domicile

Jon Moulton on the first Labour Budget
  • Article
  • 10 Dec 2024
The Labour government’s first Budget presents challenges for private equity, but nothing is insurmountable, says Jon Moulton CBE.
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.
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Savings and investments

Check for state pension gaps by 5 April 2025, says HMRC
  • Article
  • 11 Feb 2025
HMRC is encouraging people to check if they could increase their state pension by making voluntary national insurance (NI) contributions by 5 April 2025.
Exclusive EIS: Stuck in the mud?
  • Article
  • 06 Feb 2025
Stuart Rogers and Kate Culley highlight issues with HMRC’s current approach to reviewing applications for enterprise investment scheme advance assurance.
Exclusive Investors’ relief: stepping out of the shadows
  • Article
  • 06 Feb 2025
Although not as well known as business asset disposal relief, investors’ relief is just as generous and just as challenging. Stephen Relf and Katherine Ford explain why.
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.
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Trusts

HMRC will not accept some in-year trust and estate tax returns
  • Article
  • 11 Feb 2025
Due to the change in the rate of capital gains tax (CGT) from 30 October 2024, trustees and personal representatives (PRs) may need to wait until after the end of the tax year to submit 2024/25 tax returns.
Tax news in brief 15 January 2025
  • Article
  • 14 Jan 2025
Highlights from the broader tax news for the week ending 15 January 2025, including: new HMRC campaigns focusing on private equity businesses and estate agents; updated guidance from HMRC for those testing MTD IT; and a reminder from HMRC of changes for importers from 31 January 2025.
Exclusive The tax benefits of employee ownership trusts
  • Article
  • 05 Dec 2024
In the second of two articles on employee ownership trusts (EOTs), Nick Wright explores the capital gains tax exemption for the shareholders of the trading company and the income tax exemption for employees receiving bonuses.
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.
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