Aug 30, 2024 | Personal Tax
Crypto investors in the UK are being urged to review their tax obligations as HMRC begins issuing “nudge letters” to those it suspects may have underpaid tax on their crypto gains. The Chartered Institute of Taxation (CIOT) has emphasised the importance of accurate...
Aug 21, 2024 | Personal Tax
The Government has launched a pension credit publicity campaign following the means test winter fuel payments decision. Chancellor Rachel Reeves introduced the means test, limiting the benefit to pensioners on pension credit, in response to the “dire state of...
Aug 14, 2024 | Personal Tax
The UK’s non-domiciled (non-dom) individuals will face a significantly stricter tax environment starting in April 2025, as the Government plans to overhaul the current system. Described as “outdated,” the non-dom tax advantage will be phased out, with new regulations...
Aug 5, 2024 | Personal Tax
In the last tax year, only 369,000 taxpayers paid capital gains tax (CGT), a decrease of 40,000 from the previous year. This resulted in a £2.5bn drop in revenue, down to £14.4bn. Despite the overall reduction, CGT from residential property sales rose to £1.6bn....
Jul 30, 2024 | Personal Tax
Income tax and National Insurance contributions (NICs) have continued to rise, even as NIC rates were cut earlier this year. From April to June 2024, PAYE income tax and NICs generated £195.1 billion, an increase of £4.7bn from the same period in 2023. This growth...
