Tax

Latest news

Image for hmrc ramps checks inheritance tax filings

Tax | HMRC ramps up checks into inheritance tax filings

HMRC is reviewing more inheritance tax (IHT) accounts where it believes tax has been underpaid, warns Eugenia Campbell, private client tax director at RSM

21 Feb 2024

Tax | Tax take up £33bn due to stealth taxes

Total tax receipts reached £695.1bn for April 2023 to January 2024 exceeding the same period in 2022-23 by £33.6bn

21 Feb 2024

Tax | Capital gains tax is ‘regressive’

The total amount of capital gains has tripled over 10 years to £65bn, from just £18.4bn in 2009/10

20 Feb 2024

Tax | HMRC clarifies how to work out transition profit

HMRC has issued guidance on how to work out transition profit for the 2023 to 2024 tax year under basis period reform

20 Feb 2024

Tax | Q&A: tax treatment of company owned gilts

In this week’s Q&A, we explain the capital gains tax treatment of gilt-edged securities when a company makes the purchases as opposed to an individual

20 Feb 2024

Tax

Tax Compliance

Image for treasury u turns double cab pickup tax

Tax | Treasury u-turns on double cab pickup tax

After just one week, the government has backtracked on plans to classify double cab pickup trucks as cars, which would have resulted in huge tax hikes

20 Feb 2024

Tax | Oxford property owner must pay £577k SDLT

The buyer of a £6.5m property in Oxford has lost an appeal after the Upper Tribunal found he was not entitled to multiple dwellings relief

20 Feb 2024

Tax

Property Tax

HMRC

Tax | HMRC workload sees tax fraud investigations plummet

HMRC is pursuing less than half the number of tax avoidance enquiries as was typical pre pandemic

19 Feb 2024

Tax | HMRC withdraws advance assurance on redundancy payments

HMRC is no longer going to provide employers and their advisers with advance assurance on the tax treatment of termination and redundancy payment enquiries

19 Feb 2024

Tax | UK extends digital services tax agreement with US

The UK has extended the transitional digital services tax agreement with the US pending the introduction of OECD Pillar One framework

19 Feb 2024

Tax

International Tax

Tax Compliance

Image for airbnb hosts will need planning permission

Tax | Airbnb hosts will need planning permission

Owners of Airbnb and short-term let properties will have to get planning permission before renting out rooms in future

19 Feb 2024

Tax

Property Tax

Image for keir starmer paid ps100k tax 25 rate

Tax | Keir Starmer paid £100k tax at 25% rate

Sir Kier Starmer’s tax bill shot up by £30,000 in 2023 due to the sale of a field used for donkeys, tripling his capital gains

19 Feb 2024

Tax

Personal Tax

HMRC

Image for 50 self employed musicians overpay tax

Tax | 50% of self-employed musicians overpay tax

Half of self-employed artists and musicians overpay taxes due to unclaimed deductions for essential expenses and less than a third use an accountant

16 Feb 2024

Tax

Personal Tax

Tax Planning

Image for hmrc warning pay tax share sales

Tax | HMRC warning to pay tax on share sales

Taxpayers are being warned to settle unpaid tax on share sales if they were left off self assessment tax returns, or face the risk of an HMRC enquiry

15 Feb 2024

Tax

Personal Tax

HMRC

Image for gilt strip investor faces ps366k tax bill over avoidance

Tax | Gilt strip investor faces £366k tax bill over avoidance

A taxpayer must pay a historic tax bill of over £366,000 after losing a dispute with HMRC over investments in the 2003 Gilt Strips tax avoidance scheme promoted by PwC

15 Feb 2024