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From the category archives:
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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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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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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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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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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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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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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