From the category archives:

Tax & Trusts

Stamp duty suspended for a year below £175,000

by Richard Allum on 2 September 2008

Stamp duty is to be axed for a year on properties costing less than £175,000 as part of a package of measures being unveiled to help the housing market.The level at which the 1% purchase tax has to be paid is to be increased from £125,000, from Wednesday morning. Read the full story from BBC [...]

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Transferring Nil Rate bands

by Richard Allum on 6 August 2008

Since 10 October 2007, it has been possible for the Nil Rate Band (currently £312,000) to be passed to the spouse or civil partner if not fully utilised on the first death.When the first spouse/civil partner dies nothing needs to be done in terms of making a claim to transfer their unused Inheritance Tax Nil [...]

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£600 change to personal allowances

by Richard Allum on 13 May 2008

Following mounting pressure on the decision to scrap the 10% tax band from 6 April 2008 the Chancellor has announced that the personal allowance is to increase from £5,435 to £6,035 for the current tax year. Anyone earning up to £40,835 will gain £120 this year. He told MPs he would lower the level at [...]

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Budget analysis

by Richard Allum on 12 March 2008

The Scottish Widows ‘techtalk’ editorial team have prepared a detailed Budget commentary which also includes an economic analysis.Issues affecting advisers include: Capital Gains Tax confirmed at 18% with no change to life bond taxation. Confirmation of transferability of IHT nil rate band between spouses and civil partners. Clarification of IHT rules for replacement interest in [...]

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Tax changes from April

by Richard Allum on 8 February 2008

Although the new tax year does not commence until 6 April, with the next Budget due on 12 March, there are already a number of changes which will take effect. Some changes are quite dramatic, such as changes to Capital Gains Tax with the new 18% flat rate. There has been some softening for business [...]

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CGT revised – again!

by Richard Allum on 24 January 2008

The government has announced changes to capital gains tax (CGT), confirming that it will set a single 18% rate and cease taper relief from 1 April. But Chancellor Alistair Darling also said there would be a 10% rate on gains of up to £1m, to help entrepreneurs. The original plans to raise the rate had [...]

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Annual Allowance 2007/08 – don’t miss out

by Richard Allum on 24 January 2008

The Annual Allowance is the maximum amount an individual can receive into their pension fund during the current tax year from all sources without a tax charge. For 2007/08 this amount is £225,000. However, when a contribution is made, the policy is automatically set up with an input period of 12 months and this contribution [...]

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