Weekly tax brief - 3 February 2016

In this edition of RSM’s weekly round-up of the most important tax news, we cover the latest developments…

What to do if you have missed the Self Assessment deadline

03 February 2016

Now that the 31 January deadline for Self Assessment tax returns has been and gone, so what should you do if you haven’t filed your tax return yet?

Scottish Budget proposals - let the games begin...

03 February 2016

Parliamentary debates don’t usually get us all hot under the collar, but Holyrood’s debate this week on the Scottish Government’s 2016 Budget proposals could prove to be the exception to the rule. And with the Scottish Parliamentary elections on the horizon, one thing is certain – nothing is for certain…

The looming Stamp Duty surcharge for landlords

03 February 2016

Consultation on the Government’s proposal to introduce higher rates of Stamp Duty Land Tax has just closed, and we wait to see what, if any, changes there may be. If the proposals stay the same, the higher rates will be three percentage points above the current SDLT rates - giving a maximum 15% charge on the highest slice of the purchase price above £1.5 million. Conveyancing solicitors be warned – you could be in for a very busy time…

Low take up of the marriage allowance highlights policy flaws

03 February 2016

The new relief is designed to benefit low earning couples where one spouse has insufficient income to use their personal allowance. Where couples meet the conditions the spouse with the unused allowance is able to transfer up to £1,060 of the unused allowance to their spouse by applying online.