Local professional support - June 2016

Another confusing simplification!
With the introduction of the personal savings allowance, taxpayers could be forgiven for assuming that interest on their bank accounts would in future be tax free. Sadly that may not always be the case.

Bank of mum and dad – a road paved with good intentions 
As has been well reported, the Centre for Economics and Business Research suggests that the ‘bank of mum and dad’ will account for around £5bn of lending to children buying property, making them a top-10 lender. With that sort of significant level of funding, it is essential for parents to consider how tax affects the way they fund the children’s property purchase. The outcomes can be very different.

Digital by default – penalising rural taxpayers 

Recently, there has been increasing pressure to introduce electronic tax returns and tax accounts, and phase out non-digital access. But despite this being a forward-looking and admirable plan, recent reports regarding rural broadband access suggest that many businesses and individuals will be effectively excluded from these services. 

Tax policies bring new turbulence to the housing market 

A report by Rightmove this week has revealed the impact on first-time buyers of the rush by landlords to purchase buy-to-let properties ahead of the introduction of the new stamp duty land tax (SDLT) surcharge. But with further tax changes for landlords on the way, the market could be bumpy for some time.

Howzat? HMRC loses cricket VAT appeal 

We have discussed in this briefing before the fact that HMRC’s systems do not always produce the evidence that is required to support its case in an appeal before a tribunal. Another example has recently been recorded.