Gifts out of income are not taken into account for IHT

A more generous inheritance tax exemption applies where the donor can prove that he or she is not transferring capital but is making gifts out of their income. There are detailed conditions for this exemption to apply requiring records to be kept of income and...

Collecting unpaid tax for 2017/18 through your PAYE coding

Under certain circumstances, it is possible to arrange the collection of unpaid tax through your PAYE coding rather than making a balancing payment on 31 January. This will depend upon the amount outstanding and the amount of income taxable under PAYE. There is a...

Not all shares qualify for CGT entrepreneurs’ relief now

As the result of changes announced in the Autumn Budget, and now incorporated into the latest Finance Bill, not all ordinary shares necessarily qualify for the 10% CGT entrepreneurs’ relief rate on disposal. As mentioned in last month’s Budget newsletter the...

Gifts of up to £50 to employees

From April 2016 new rules were introduced to allow employers to provide their directors and employees with certain “trivial” benefits in kind, tax-free. The new rules were brought in as a simplification measure so that certain benefits in kind do not now...