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24 November 2016

The marriage allowance came into force on 6 April 2015 and allows lower earning couples to share part of

24 November 2016

The Chancellor, Philip Hammond has confirmed the government’s commitment to increase the basic personal allowance to £12,500 and the higher rate threshold to £50,000 by the end of the current Parliament in 2020.

As previously announced, from April 2017 the basic personal allowance will increase to £11,500 and the basic rate limit to £33,500. As a result the higher rate threshold will...

24 November 2016

The Chancellor has announced that a new National Savings and Investments (NS&I) product called the NS&I Investment Bond will be launched. The new Investment Bond will offer a new market leading rate for savers who have been hard hit by low savings rates for a number of years.

The exact details of the new bond will be announced at Budget 2017. However, the Chancellor expects...

24 November 2016

The National Living Wage came into effect on 1 April 2016 and is currently set at £7.20 per hour. The National Living Wage is the minimum hourly rate that must be paid for those aged 25 or over.

As part of the Autumn Statement, it has been announced that the National Living Wage will increase to £7.50 from 1 April 2017. This increase is worth an extra £500 per year to a full-time worker...

24 November 2016

It had been rumoured that the new Chancellor, Philip Hammond would cancel his predecessors planned cuts to Corporation Tax. However, in his Autumn Statement speech, the Chancellor confirmed that the government would stick to the business tax roadmap set out in March and that Corporation tax will fall to 17% by April 2020. This will according to the Chancellor be by far the lowest overall rate...

24 November 2016

A new consultation has been launched by the European Commission to gather feedback on the need for new rules to deter promoters of aggressive tax planning schemes. The Commission is concerned with recent reports that have highlighted the way certain intermediaries, such as tax advisers, have helped their clients to shift profits offshore for the purposes of tax avoidance or evasion.

The...

24 November 2016

The bank deposit guarantee limit is the amount of money that is guaranteed for savers in UK banks and building societies should the institution become insolvent. The Financial Services Compensation Scheme (FSCS) guarantee amount is currently £75,000 per person, per authorised bank or building society.

The guaranteed amount was reduced from £85,000 at the beginning of this year as a...

24 November 2016

The marriage allowance came into force on 6 April 2015 and allows lower earning couples to share part of their personal tax-free allowance. Recently published figures have suggested that less than a quarter of the 4.2m couples eligible to make a claim have done so.

HMRC has commented that they '…are stepping up our marketing campaign to ensure couples do not to miss out on this...

23 November 2016

The new incumbent at number 11 Downing Street, Philip Hammond, had his first opportunity to show us what he had in mind for the UK economy when he presented his Autumn Statement on the 23 November.

The usual rash of speculation pointed to easing the predicament of the “just managing”, encouragement for businesses to invest, and an easing of the previous Chancellor’s aims of reducing our...

22 November 2016

Our review of the Autumn Statement will appear here later.

17 November 2016

The Office of Tax Simplification (OTS) has published a final report on the potential for launching a new

17 November 2016

The UK government has agreed a new funding deal for the upcoming apprenticeship levy for Scotland, Wales and Northern Ireland. The government has confirmed that Scotland will get £221m, Wales £128m and Northern Ireland £76m in the first year of the levy in 2017-18. These calculations are a population-based share of the proceeds in line with the UK’s general approach for sharing UK-wide...

17 November 2016

The introduction of new pension freedoms in April 2015 has provided hundreds of thousands of people in the UK aged 55 and over new opportunities to be able to access their pension savings. The new rules allow the over 55’s new freedoms to access their pension pots by taking lump sum payments. The first 25% is tax-free and the remainder is taxed at the individual's marginal rate.

However...

17 November 2016

The Office of Tax Simplification (OTS) has published a final report on the potential for launching a new simple trading vehicle to offer a simpler route in tax and related areas for small business ventures. The report examined the possibility of launching a Sole Enterprise with Protected Asset or SEPA status for sole traders.

This status would allow sole traders to retain the...

17 November 2016

The new Worldwide Disclosure Facility (WDF) was launched on 5 September 2016. Anyone who wants to disclose a UK tax liability that relates wholly or partly to an offshore issue can use the WDF. An offshore issue includes unpaid or omitted tax relating to:

  • income arising from a source in a territory outside the UK;
  • assets situated or held in a territory outside the UK;...

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