Did you defer tax on a capital gain made in 2018/19? If CGT rates increase from April 2021, the bad news is that you may have to pay more tax than you had expected. The good news is that you have until 31 January 2021 to do something about it.
An 81-year-old passed away having ran a holiday letting business in which he took great pride. Despite the business being treated as a trade for income tax and capital gains tax purposes, his daughter was denied inheritance tax relief on the basis that it was an investment business. This inconsistency in the law proves that reform is required.
The eat out to help out (EOTHO) scheme was so successful in August that some pubs, restaurants and cafes even carried on the discounts into September at their own cost. As we approach the end of the current lockdown, with talk of easing restrictions over Christmas, will a new version of EOTHO be on the cards?
Tax rises are the most basic solution to the age-old problem of raising revenue, but an increasing number of countries are taking a very different approach.
The OECD and the UK’s Charity Tax Group have published reports on the taxation of philanthropic activities with diametrically opposed recommendations to the imposition of VAT on the sector.
A recent report by the Charity Tax Group provides compelling economic evidence to support a new charity VAT rate. The report finds tax continues to be a significant burden on UK charities, with the net tax cost to the sector reaching a staggering £2 billion a year.
From Clifton to Queen Square and beyond, Bristol’s tech and media sector is booming. Discover Bristol’s creative credentials on this whistle-stop tour.
As the nation emerges from its second coronavirus lockdown, many of us will be looking forward to safely resuming outdoor sporting activities. News of a possible VAT saving will be welcomed by those who play in managed five-a-side football and netball leagues, but organisers and providers of facilities should be wary of VAT recovery pitfalls.
As the strain of lockdown takes its toll on relationships, many married couples will be looking to separate permanently and start divorce proceedings. What they may not realise however is that the clock is ticking to avoid penal capital gains tax charges. Those separating this year could be in for a nasty shock, particularly if the Chancellor increases capital gains tax rates in the next Budget.