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Inheritance tax in the spotlight

19 January 2019

Earlier this year, the Chancellor of the Exchequer wrote to the Office of Tax Simplification and asked it to undertake a review of inheritance tax (IHT), involving advisers and the general public; from its administration through to estate planning and the use of IHT reliefs and allowances.

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RSM's Gary Heynes named in list of 2019 eprivateclient 50 Most Influential
Kevin O'Connor

13 December 2018

RSM’s head of private client Gary Heynes has been named as one of the 2019 eprivateclient 50 Most Influential.

Property taxes continue to rise

30 November 2018

In recent years, property owners have seen quite a range of new taxes and tax rises, mainly aimed at residential property ownership. These have included stamp duty land tax rises, the introduction of the annual tax on enveloped dwellings (ATED) aimed at residential property held via companies, capital gains tax for non-UK resident owners and inheritance tax charges where property is held via an overseas company. Next year sees the introduction of a swathe of new taxes, and this time it's commercial property that's in the Chancellor's sights.

RSM welcomes OTS review on inheritance tax simplification
Gary Heynes

23 November 2018

Gary Heynes, RSM's head of private client, comments on the first part of the Office of Tax Simplification's review into inheritance tax & welcomes the highlighting of the red tape involved in the administration of the IHT system.

UK residents' allowances
Adrian Benosiglio

The two largest expenses of a buy to let business are capital expenditure and the interest deduction. At RSM we can advise you on the most tax efficient arrangements to help you finance and structure the purchase of a property and help you evaluate your existing portfolio.

Buying property
Adrian Benosiglio

Structuring the acquisition of residential property used to be relatively simple, however, this has changed over the last few years. Discover why it is essential to review your tax position in advance of the changes. Our RSM experts can help you protect your wealth when acquiring property.

Property sector could be hit by hidden tax changes

29 October 2018

A number of changes in the budget will impact on the property sector. The restriction on the use of brought forward capital losses against gains could increase tax exposure on disposals by companies. Extending the holding period for entrepreneurs’ relief to two years will impact on some individuals disposing of their trading companies. A number of capital allowance changes were announced which will impact on property investors.

Private client overview

29 October 2018

Whilst there were rumours of tax rises for individual taxpayers, none of the expected increases took place. Pension tax relief remained, inheritance tax was unchanged and the main rate of capital gains tax didn’t increase. Instead, the personal allowance surprisingly increased to the promised £12,500 and the basic rate band was widened, both a year earlier. Some changes have been made to Entrepreneurs’ Relief, but the lifetime allowance and the ten per cent tax rate remains.

Change to capital gains tax obligations for property

14 September 2018

The Government published draft clauses for Finance Bill 2018-19 on 6 July 2018. The published material included draft legislation relating to the taxation of capital gains on property; notably a change to the reporting and payment on account obligations for UK resident individuals and trustees with residential property gains. The changes will take effect for disposals on or after 6 April 2020, in line with announcements made at Budget 2017.

Inheritance tax simplification could mean action now

15 June 2018

Inheritance tax (IHT), in its current form, has been largely unchanged since it was introduced in 1986. The tax take from IHT is on the rise, largely as a result of property prices, but the freezing of reliefs and allowances has also had an impact, resulting in a doubling of the tax take over the past seven years to reach close to £5bn per annum.

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