Draft legislation to be included in the next Finance Bill will make important changes to the calculation of CGT private residence relief. As announced in the Autumn 2018 Budget, there will be a reduction in the final period exemption to just 9 months and stricter conditions for letting relief to apply. Currently where a property…
Latest Accounting and Financial News
CGT Private Residence Relief Changes
CGT Letting Relief Restriction
Currently letting relief provides up to a £40,000 deduction in computing the capital gain on the disposal of a property that was at some time the taxpayer’s main residence. The relief is the lessor of £40,000, the gain attributable to the let period, and the amount of private residence relief. For a couple this could…
IHT Relief For Businesses and Farms
There is currently a very generous 100% relief from inheritance tax for passing on businesses and farm land during lifetime and on death. The rationale for Business Property Relief (BPR) and Agricultural Property Relief (APR) is to enable businesses to be passed on without the need to sell off assets to pay the IHT due…
Inheritance Tax To Be Simplified
The Office of Tax Simplification (OTS) have undertaken a detailed review of Inheritance Tax (IHT), which is perceived by many as a complicated tax. The government normally takes account of OTS recommendations and their report is likely to lead to future changes to the rules. We will keep you posted as the changes may necessitate…
Changes to the off-payroll working rules
The government has published for technical consultation draft legislation, to be inserted into the Finance Bill 2019/20, to implement the extension of the off-payroll working rules reforms to medium and large private sector businesses from 6 April 2020. It has also published explanatory notes to the draft legislation and its response to its March 2019…
Advisory Fuel Rate For Company Cars
These are the suggested reimbursement rates for employees’ private mileage using their company car from 1 June 2019. Where there has been a change the previous rate is shown in brackets. Note that for hybrid cars, use the equivalent petrol or diesel scale charge. However, it may be more beneficial to compute the actual cost….
Make School Holidays Easier With Tax-Free Childcare
Did you know there is a government scheme available that can help contribute towards childcare costs which may mean fewer of your employees will need time off at the same time this summer. Tax-Free Childcare is a scheme available to working parents with children from 0-11 years and many parents are not taking advantage of…
