Reminder: Inheritance Tax nil-rate band on main residence to go up in the new year

2016

Reminder: Inheritance Tax nil-rate band on main residence to go up in the new year

A new additional nil-rate band of £100,000 for inheritance tax on main residences, when bequeathed to a direct descendent, is set to come into effect from April 2017. In 2018, 2019 and 2020, this will rise to £125,000, £150,000 and £175,000 respectively, before rising in line with Consumer Prices Index (CPI) in subsequent years. The …

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Tax avoidance clampdown aims to raise extra £2bn by 2022

During the last few Budgets and Autumn Statements the government has made moves to prevent tax avoidance and evasion – and the latest fiscal event was no different. During this year’s Autumn Statement the Chancellor Philip Hammond announced a number of new measures to tackle businesses that avoid paying tax. According to Mr Hammond’s new …

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Making Tax Digital: Update on government plans due in January

Despite being perhaps the most significant change to the UK tax system in decades, Making Tax Digital (MTD) did not receive a single mention from the Chancellor in the Autumn Statement. But the policy was referenced in the supporting documents, revealing that the government will publish its response to recent consultations in January. The documents …

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Autumn Statement 2016

For weeks now, senior figures from the world of business have been at pains to point out the importance of this year’s Autumn Statement. The new Chancellor, Philip Hammond, stepped up to the despatch box to give his most significant speech since he took charge of the Treasury during the summer. If his predecessor George …

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The clock is ticking away on BPRA (Business Premises Renovation Allowance)

The ten year window during which 100 per cent relief can be claimed under the BPRA on the renovation or conversion of unused commercial property for business use is drawing to a close on 31 March 2017. The allowance, which has attracted controversy in the past after being exploited illegally by a number of tax …

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